WHEN The Economist's economics editor studied macroeconomics in the 1970s, the basic model for understanding swings in demand was the so-called IS-LM framework, invented by Sir John Hicks in 1937 as ...
Economic Theory, Vol. 21, No. 2/3, Symposium in Honor of Mordecai Kurz (Mar., 2003), pp. 347-397 (51 pages) We build a one-period general equilibrium model with money. Equilibrium exists, and fiat ...
1. Consider the model on page 178 stated below: Look now in the second paragraph of page 191 under Numerical Example to see how one can derive the AD curve. As its 3 rd line says, "setting the ...
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