The Legacy of December 1933: Re-interpreting Mr. Keynes

Warren Young () and Edward W. Fuller ()
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Warren Young: Bar Ilan University

Chapter Chapter 7 in Reinterpreting Mr. Keynes, 2022, pp 135-140 from Springer

Abstract: Abstract This chapter explains why Keynes’s IS-LMIS-LM model of December 4, 1933, is still relevant today. Perceived problems with the IS-LM/AS-AD approach helped stimulate the development of the New Classical EconomicsClassical economics. When New Keynesian Models began to emerge, they were essentially extensions of IS-LM. Later, IS-LM was the core of the New Neoclassical Synthesis. Beyond that, Keynes’s own static IS-LM approach inspired the development of the earliest Dynamic IS-LM models. Finally, via KleinKlein, Lawrence R., Keynes’s IS-LM approach has played a central role in macroeconometricsEconometrics.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spshcp:978-3-030-91342-7_7

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DOI: 10.1007/978-3-030-91342-7_7

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