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

  • 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.

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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.

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Length: 21
Date of creation: 01 Dec 1997
Date of revision:
Handle: RePEc:ctl:louvir:1998003
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