IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

IS-LM "à la Hicks" versus IS-LM "à la Modigliani"

Listed author(s):
  • De Vroey, Michel

    (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))

The aim of this paper is to revisit Hicks‚ "Mr Keynes and the Classics" article. It is argued that Hicks' own model, his IS-LL model, is significantly different from the subsequent textbook IS-LM models. In short, Hicks' classical model exhibits involuntary unemployment and allows for monetary expansion to have real effects, features which are absent in subsequent standard models. I also argue that Modigliani's 1944 article has played an important role in recasting Hicks initial model. Thus a distinction ought to be drawn between "IS-LM à la Hicks" and "IS-LM à la Modigliani", modern IS-LM models being molded on the latter. Hence the conclusion that the transition from Keynes' to Keynesian economics is a two-step process, its first stage concerning the passage from the General Theory to Hicks' model, its second stage the shift from Hicks' use of the IS-LM framework to Modigliani's recasting.

To our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.

Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) with number 1998003.

in new window

Length: 21
Date of creation: 01 Dec 1997
Handle: RePEc:ctl:louvir:1998003
Contact details of provider: Postal:
Place Montesquieu 3, 1348 Louvain-la-Neuve (Belgium)

Fax: +32 10473945
Web page:

More information through EDIRC

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:ctl:louvir:1998003. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Anne DAVISTER-LOGIST)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.