Eine Fehlinterpretation des Keynesianischen Modells

Bernhard Felderer and Stefan Homburg

EconStor Open Access Articles and Book Chapters, 1986, vol. 201, issue 5, 457-468

Abstract: In our paper we have shown that, avoiding logical inconsistencies, one cannot interpret the IS-curve as an equilibrium locus for the goods market. In the neoclassical synthesis the goods market is depicted by the AD/AS-diagram and, therefore, it cannot be represented by the IS-curve simultaneously. Concerning the pure IS/LM-model, only the point of intersection of the IS and LM curves defines an equilibrium in the goods market, not the IS-curve itself. Beyond that, this is an equilibrium only on the condition that prices are fixed. These inconsistencies are avoided by interpreting the IS-curve as an equilibrium locus for the capital market.

Keywords: Neoclassical synthesis; Commodity market (search for similar items in EconPapers)
JEL-codes: E20 E22 (search for similar items in EconPapers)
Date: 1986
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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