Will the new Keynesian macroeconomics resurrect the IS-LM model?

Article Abstract:

New Keynesian economic thought has espoused the applicability of the IS-LM model for determining aggregate demand. Since the model fails to account for expectations which are critical companents for demand, it should not be used as a framework for mid-sized working models for policy making. While rational expectations studies show that the IS-LM model has minimal impact on small-scale models, the effect in economic policy is significant.

Decision-making, Models, Decision making, Economic policy

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Fisher's introductory text

Article Abstract:

Irving Fisher, while teaching the economics introductory course at Yale University, wrote the 'Elementary Principles of Economics' in 1912. The text was not widely recognized outside Yale but it was reprinted 10 times and was not revised in significant detail. Most of the text was included in a conventional textbook published by Fisher's Yale colleagues and students, first in 1926 and last in 1948.

Research and Development in the Social Sciences and Humanities, Economists, Economics, Authorship, Bibliography, Fisher, Irving

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Price flexibility and output stability: an old Keynesian view

Article Abstract:

The interpretation of macroeconomic principles as maintained by the old Keynesian view is that price flexibility and economic stability may be inversely related in the absence of 'feedback' government policies. Old Keynesians claim that the importance attached by central banks on disinflation is applicable only if it is reinforced by the appropriate policies which sustain price flexibility.

Analysis, Beliefs, opinions and attitudes, Price control, Price regulations, Economic stabilization

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