In Search of a Successor to IS-LM
After discussing the general characteristics that the successor to IS-LM should possess, this essay argues that the business cycle research program initiated by Kydland and Prescott (1992) is beginning to show a promising capacity at incorporating a broad range of modeling features into a logically consistent and theoretically satisfactory framework. This ability and the systematic process of model enrichment it permits make it possible to predict that the dynamic General Equilibrium models developed around the neoclassical stochastic growth model - but possibly evolving towards friction-prone non Walrasian models - will become the platform for a new neo-classical synthesis.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
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.
|Date of creation:||Sep 1997|
|Publication status:||Published in Oxford Review of Economic Policy, vol.13, No.3, 1997, pp. 135-144|
|Contact details of provider:|| Postal: Université de Lausanne, Faculté des HEC, DEEP, Internef, CH-1015 Lausanne|
Phone: ++41 21 692.33.20
Web page: http://www.hec.unil.ch/deep/publications/cahiers/series
More information through EDIRC