El modelo IS-LM: una revisión crítica

José D. Liquitaya () and Miguel Ángel Ramírez
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José D. Liquitaya: Profesor Investigador del Área de Teoría Económica, Departamento de Economía, Universidad Autónoma Metropolitana-Iztapalapa, México, D. F.
Miguel Ángel Ramírez: Profesor Investigador del Área de Teoría Económica, Departamento de Economía, Universidad Autónoma Metropolitana-Iztapalapa, México, D. F.

Revista Nicolaita de Estudios Económicos, 2008, vol. III, issue 2, 9-36

Abstract: In this paper a critical analysis of the IS-LM model is made. Previously, the backgrounds, general characteristics and logic-formal expression of the basic model are examined. With this support and some diagrams it is shown that the model contains limitations as analytical instrument. Among them are: 1) the different dimension of the variables whose equilibrium conforms the curves IS, on one hand, and LM for other; 2) the confusion about the effects that can have the real disturbances and nominal ones about the decomposition of the nominal product between prices and real product; 3) the incompatibility of its analysis with the postulates of rationality, and 4) the logical impossibility of deriving the Aggregate Demand curve from IS-LM outline when the prices are flexible.

Keywords: IS-LM model; aggregate demand; aggregate supply; labor market. (search for similar items in EconPapers)
JEL-codes: E12 E13 E52 E62 (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:ris:rnicee:0013

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