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Eine Fehlinterpretation des Keynesianischen Modells

Author

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  • Felderer, Bernhard
  • Homburg, Stefan

Abstract

In our paper we have shown that, avoiding logical inconsistencies, one cannot interpret the IS-curve as an equilibrium locus for the goods market. In the neoclassical synthesis the goods market is depicted by the AD/AS-diagram and, therefore, it cannot be represented by the IS-curve simultaneously. Concerning the pure IS/LM-model, only the point of intersection of the IS and LM curves defines an equilibrium in the goods market, not the IS-curve itself. Beyond that, this is an equilibrium only on the condition that prices are fixed. These inconsistencies are avoided by interpreting the IS-curve as an equilibrium locus for the capital market.

Suggested Citation

  • Felderer, Bernhard & Homburg, Stefan, 1986. "Eine Fehlinterpretation des Keynesianischen Modells," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 457-468.
  • Handle: RePEc:zbw:espost:92899
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    File URL: https://www.econstor.eu/bitstream/10419/92899/1/Homburg1986Keynes.pdf
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    References listed on IDEAS

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    1. Felderer, Bernhard & Homburg, Stefan, 2005. "Makroökonomik und neue Makroökonomik," EconStor Books, ZBW - German National Library of Economics, number 92556.
    2. repec:jns:jbstat:v:199:y:1984:i:2:p:179-183:n:6 is not listed on IDEAS
    3. Rabin, Alan & Birch, Dan, 1982. "A clarification of the IS curve and the aggregate demand curve," Journal of Macroeconomics, Elsevier, vol. 4(2), pages 233-238.
    4. Homburg Stefan, 1984. "Das Walras-Gesetz bei Mengenrestriktionen," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 199(2), pages 179-183, February.
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    Citations

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    Cited by:

    1. Hansjoerg Klausinger, 2000. "Walras' Law and the IS-LM Model. A Tale of Progress and Regress," Department of Economics Working Papers wuwp069, Vienna University of Economics and Business, Department of Economics.
    2. Läufer Nikolaus Κ. A., 2002. "Ist das l=S-Gleichgewicht ein Kapitalmarkt- Gleichgewicht?. Eine Kritik an Felderer und Homburg," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 222(6), pages 750-751, December.
    3. Ingo Barens & Volker Caspari, 1999. "Old views and new perspectives: on reading Hick's 'Mr. Keynes and the Classics'," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 6(2), pages 216-241.
    4. Klausinger, Hansjörg, 2000. "Walras' law and the IS-LM model. A tale of progress and regress," Department of Economics Working Paper Series 1326, WU Vienna University of Economics and Business.

    More about this item

    Keywords

    Neoclassical synthesis; Commodity market;

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity

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