Eine Fehlinterpretation des Keynesianischen Modells
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.
Volume (Year): (1986)
Issue (Month): ()
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- Homburg, Stefan, 1984. "Das Walras-Gesetz bei Mengenrestriktionen," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 179-183.
- Felderer, Bernhard & Homburg, Stefan, 2005. "Makroökonomik und neue Makroökonomik," EconStor Books, ZBW - German National Library of Economics, number 92556, November.
- 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.
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