The IS/LM Model
Murphy, Daniel
The IS/LM Model
GEM-0126 | Published September 2, 2014 | 12 pages Technical Note
Collection: Darden School of Business
Product Details
This technical note introduces the basic structure of the workhorse IS/LM model for a closed economy (i.e., one that does not engage in international trade). The note derives the core components of the model and derives predictions of effects of fiscal and monetary policy. The price level is assumed to be fixed, and aggregate demand determines output. This note precedes a more comprehensive treatment of aggregate demand and aggregate supply found in subsequent technical notes.
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