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| Author: | Vercelli, A. |
| Title: | The evolution of IS-LM models: empirical evidence and theoretical presuppositions |
| Journal: | Journal of Economic Methodology
1999 : JUL, VOL. 6:2, p. 199-219 |
| Index terms: | ECONOMICS METHODOLOGY KEYNESIAN SCHOOL |
| Language: | eng |
| Abstract: | This paper offers an explanation of the resilience of IS-LM models, which are still alive more than sixty years after the birth of the first prototype despite growing criticism within the profession. To this end, two significant episodes of their evolution are examined in some detail: the genesis of the prototype of the "first generation" of IS-LM models (Hicks 1937), and a recent example of what is here called the "second generation" of IS-LM models (McCallum and Nelson 1997). |
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