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Keynes’s IS-LM model in the General Theory, defined in (r,Y) space and contained in chapter 21 in Part IV on pp. 298 …-299 of the General Theory, was derived from the underlying D-Z model of Chapter 20 that incorporated expectations and … ASC occurs two times in the General Theory. The first derivation is contained in ft. 2 of pp. 55-56 of the General Theory …
Persistent link: https://www.econbiz.de/10013250962
F. Modigliani presented a special case of Keynes's General Theory result in 1944 in his “Liquidity Preference and the … Theory of Interest and Money”. Modigliani sought to provide the IS-LM model of Hicks's 1937 Econometrica interpretation of … Keynes's chapter 15 IS-LM model with microeconomic foundations in the theory of the firm that included a production function …
Persistent link: https://www.econbiz.de/10012951951
over Hicks.On pp.180-181 in chapter 14 of the GT,Keynes dealt with the classical and neoclassical theory of the rate of … and productivity alone. He stated that in order to have a determinant theory of the rate of interest, the state of … IS LM, in general ,outside of the fact that IS LM needed (1) a microfoundation in the theory of the firm and (2) needed …
Persistent link: https://www.econbiz.de/10012954371
J M Keynes engaged in correspondence over the IS-LM model contained in chapter 15 of the General Theory with R. Harrod … his own model of IS LM in the General Theory, as laid out by Keynes explicitly in chapter 15 of the General Theory … by Keynes within the broader framework of his Theory of Effective Demand, presented in the General Theory in chapters 3 …
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assumption at both the micro and macro levels.It was impossible for Robertson to follow Keynes's theory, even though he …
Persistent link: https://www.econbiz.de/10012909828
21 of the General Theory in 1936 first presenting the model on pp.298-299 and then discussing his IS-LM model’s strengths … important if an IS-LM framework was to be a good summary of the General Theory. We then consider whether Hicks’s IS-LM framework …
Persistent link: https://www.econbiz.de/10013242376