The standard IS–LM model considers all types of financial assets, excluding money, as
bonds. We construct a modified IS–LM model to better represent the characteristics of …

This paper extends a Minsky model by incorporating net worth ratio, which Steindl stressed
the importance of in reference to financial markets. We construct a dynamic macroeconomic …

The new IS/LM establishes that monetary policies should not influence real economies in
the long run since they cannot engineer a permanent departure of outout from its capacity …

The IS-LM framework traditionally used to discuss the role of monetary policy under fixed
rates of exchange has several weaknesses. The theoretical findings based on such a model …

This paper discusses monetarist objections to the IS-LM model. We explore the views of two
principal spokesmen for monetarism: Milton Friedman and the team of Karl Brunner and …

This paper shows that the elimination of the capital market by Walras' Law in the standard IS-
LM textbook model hides an interesting aspect of the monetary transmission process of this …

The Monetary policy of the United States has not been the same since the 2008-2009
international crisis. Following the crisis, given that the federal funds interest rate-the …

In this article an amended vesion of the traditional IS/LM-model for an open economy is
developed. The LM-curve is replace by an FM-curve, which represents equilibrium between …

Towards the mid-1970s, mainstream monetary macroeconomics was a well-established
body of economic analysis. Work in this field was based on the analytical cornerstones of the …

Generally speaking one begins with accepting the conventional notion that the interest rate
is endogenously determined by the interplay of demand and supply in competitive financial …