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IS-LM a la Hicks versus IS-LM a la Modigliani

IS-LM a la Hicks versus IS-LM a la Modigliani Correspondence may be addressed to Michel De Vroey, Department of Economics, Université catholique de Louvain, 3, Place Montesquieu, 1348 Louvain-la-Neuve, Belgium; fax: 32-10473945; e-mail: devroey@ires.ucl.ac.be. This research has been supported by a grant, “Action de Recherches Concertées” no. 93/98-162, of the Ministry of Scientific Research of the Belgian French-Speaking Community. Comments and criticism on an earlier draft by Ingo Barens, Robert Clower, Neil De Marchi, Pierre Malgrange, and two anonymous referees are gratefully acknowledged. 1. The issue of the social and intellectual interactions underpinning the creation of the ISLM model by Hicks is broached inYoung 1987. 2. Among many others, the following textbooks can be mentioned: Ackley 1961, Dernburg and McDougal 1960, and Allen 1967. Whereas Hicks labeled his model the SI-LL model, henceforth it will be designated under the IS-LM label. History of Political Economy 32:2 © 2000 by Duke University Press. History of Political Economy 32:2 (2000) a breach of continuity between his own use of the model and that of standard textbooks. First, in Hicks’s account, involuntary unemployment or non–market clearance exists in both the classical and the Keynesian models. This is no longer true in the textbook account of IS-LM. Therein, the classical model http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png History of Political Economy Duke University Press

IS-LM a la Hicks versus IS-LM a la Modigliani

History of Political Economy , Volume 32 (2) – Jun 1, 2000

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Publisher
Duke University Press
Copyright
Copyright 2000 by Duke University Press
ISSN
0018-2702
eISSN
1527-1919
DOI
10.1215/00182702-32-2-293
Publisher site
See Article on Publisher Site

Abstract

Correspondence may be addressed to Michel De Vroey, Department of Economics, Université catholique de Louvain, 3, Place Montesquieu, 1348 Louvain-la-Neuve, Belgium; fax: 32-10473945; e-mail: devroey@ires.ucl.ac.be. This research has been supported by a grant, “Action de Recherches Concertées” no. 93/98-162, of the Ministry of Scientific Research of the Belgian French-Speaking Community. Comments and criticism on an earlier draft by Ingo Barens, Robert Clower, Neil De Marchi, Pierre Malgrange, and two anonymous referees are gratefully acknowledged. 1. The issue of the social and intellectual interactions underpinning the creation of the ISLM model by Hicks is broached inYoung 1987. 2. Among many others, the following textbooks can be mentioned: Ackley 1961, Dernburg and McDougal 1960, and Allen 1967. Whereas Hicks labeled his model the SI-LL model, henceforth it will be designated under the IS-LM label. History of Political Economy 32:2 © 2000 by Duke University Press. History of Political Economy 32:2 (2000) a breach of continuity between his own use of the model and that of standard textbooks. First, in Hicks’s account, involuntary unemployment or non–market clearance exists in both the classical and the Keynesian models. This is no longer true in the textbook account of IS-LM. Therein, the classical model

Journal

History of Political EconomyDuke University Press

Published: Jun 1, 2000

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