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By Rosalind Levacic;Alexander Rebmann

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Additional info for Macroeconomics: An Introduction to Keynesian-Neoclassical Controversies

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A fall shifts the IS curve up to the right and also alters its slope. The new IS function will be further away from the old one, the higher the level of income. A rise in the MPS (fall in the MPC) has the opposite effect. A shift in the total savings function caused by a change in the constant a. An increase in a shifts the IS function up and to the right. One factor that could cause such a shift is a change in wealth if it is assumed that consumption is positively related to the amount of wealth people own.

The major differenee between the neoclassical and Keynesian versions of the ISLM model is not in their specification of aggregate demand (that is, the IS and LM functions) but in the assumptions made about the supply side of the economy. The aggregate demand functions could be identical but this specification of different supply-side responses results in different conclusions regarding the outcome of given policy actions. Specifying flexible prices in the neoclassical ISLM model means that goodsmarket equilibrium determines the interest rate quite independently of the money market.

The ISLM Model 39 money-market equilibrium to establish the equilibrium price level. The demand for real balances which is consistent with goods-market equilibrium is determined, once the equilibrium output level and interest rate are established, and is (M/P)(Yf' if)' For money-market equilibrium this must equal the supply of real money balances. The nominal stock is given as Mg, which means that the equilibrium price level is that which makes the real value of Mg equal to the equilibrium demand for real money balances.

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