IDEAS home Printed from https://ideas.repec.org/a/zbw/espost/92899.html
   My bibliography  Save this article

Eine Fehlinterpretation des Keynesianischen Modells

Author

Listed:
  • Felderer, Bernhard
  • Homburg, Stefan

Abstract

In our paper we have shown that, avoiding logical inconsistencies, one cannot interpret the IS-curve as an equilibrium locus for the goods market. In the neoclassical synthesis the goods market is depicted by the AD/AS-diagram and, therefore, it cannot be represented by the IS-curve simultaneously. Concerning the pure IS/LM-model, only the point of intersection of the IS and LM curves defines an equilibrium in the goods market, not the IS-curve itself. Beyond that, this is an equilibrium only on the condition that prices are fixed. These inconsistencies are avoided by interpreting the IS-curve as an equilibrium locus for the capital market.

Suggested Citation

  • Felderer, Bernhard & Homburg, Stefan, 1986. "Eine Fehlinterpretation des Keynesianischen Modells," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 201(5), pages 457-468.
  • Handle: RePEc:zbw:espost:92899
    as

    Download full text from publisher

    File URL: https://www.econstor.eu/bitstream/10419/92899/1/Homburg1986Keynes.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Felderer, Bernhard & Homburg, Stefan, 2005. "Makroökonomik und neue Makroökonomik: Kapitel I. Einige methodologische Überlegungen," EconStor Books, ZBW - Leibniz Information Centre for Economics, number 92556, September.
    2. Homburg, Stefan, 1984. "Das Walras-Gesetz bei Mengenrestriktionen," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 199(2), pages 179-183.
    3. Rabin, Alan & Birch, Dan, 1982. "A clarification of the IS curve and the aggregate demand curve," Journal of Macroeconomics, Elsevier, vol. 4(2), pages 233-238.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ernst Matthias & Walpuski Dirk, 1996. "Integration von Geld- und Wertpapiermarkt im Keynesschen Makromodell. Eine Replik," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 215(2), pages 245-251, April.
    2. Läufer Nikolaus Κ. A., 2002. "Ist das l=S-Gleichgewicht ein Kapitalmarkt- Gleichgewicht?. Eine Kritik an Felderer und Homburg," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 222(6), pages 750-751, December.
    3. Ingo Barens & Volker Caspari, 1999. "Old views and new perspectives: on reading Hick's 'Mr. Keynes and the Classics'," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 6(2), pages 216-241.
    4. Wagner Adolf, 1989. "Makroökonomisches Kreislauf- und/oder Marktgleichgewicht/Macroeconomic Flow and/or Market Equilibrium," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 206(4-5), pages 510-516, April.
    5. Maußner Alfred, 1988. "Strom- und Bestandsrestriktionen in makroökonomischen Modellen/Flow and Stock Constraints in Macroeconomic Models," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 205(4), pages 316-331, October.
    6. Klausinger, Hansjörg, 2000. "Walras' law and the IS-LM model. A tale of progress and regress," Department of Economics Working Paper Series 69, WU Vienna University of Economics and Business.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ernst Matthias & Walpuski Dirk, 1996. "Integration von Geld- und Wertpapiermarkt im Keynesschen Makromodell. Eine Replik," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 215(2), pages 245-251, April.
    2. Lerch, Anna & Schulze, Peter M., 2007. "Ein Gravitationsansatz zur Analyse internationaler Tourismusströme nach Deutschland," Arbeitspapiere des Instituts für Statistik und Ökonometrie 38, Johannes Gutenberg-Universität Mainz, Institut für Statistik und Ökonometrie.
    3. Heise, Arne, 2018. "Postkeynesianismus: Ein heterodoxer Ansatz auf der Suche nach einer Fundierung," ZÖSS-Discussion Papers 69, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
    4. Klausinger, Hansjörg, 2000. "Walras' law and the IS-LM model. A tale of progress and regress," Department of Economics Working Paper Series 69, WU Vienna University of Economics and Business.
    5. Peichl, Andreas & Fuest, Clemens & Schaefer, Thilo, 2005. "Dokumentation FiFoSiM: Integriertes Steuer-Transfer-Mikrosimulations- und CGE-Modell," FiFo Discussion Papers - Finanzwissenschaftliche Diskussionsbeiträge 05-3, University of Cologne, FiFo Institute for Public Economics.
    6. Andreas Irmen & Christoph Lipponer, 2010. "Beschäftigungswirkungen verringerter Sozialleistungen auf dem Arbeitsmarkt - Was bewirkt Hartz IV?," DEM Discussion Paper Series 10-11, Department of Economics at the University of Luxembourg.
    7. Franz, Wolfgang, 1992. "Neuere makroökonomische Kontroversen," Discussion Papers, Series II 168, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    8. Achim Truger, 2013. "Austerity in the euro area: the sad state of economic policy in Germany and the EU," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(2), pages 158-174.
    9. Truger, Achim, 2004. "Verteilungs- und beschäftigungspolitische Risiken aktueller Steuerreformkonzepte: Eine Analyse mit Steuerbelastungsvergleichen für konkrete Haushaltstypen," WSI Working Papers 120, The Institute of Economic and Social Research (WSI), Hans Böckler Foundation.
    10. Sonntag, Dominik, 2018. "Die Theorie der fairen geometrischen Rendite [The Theory of Fair Geometric Returns]," MPRA Paper 87082, University Library of Munich, Germany.
    11. B Bhaskara Rao, 2007. "The nature of the ADAS model based on the ISLM model," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 31(3), pages 413-422, May.
    12. Lutz, Stefan H., 2002. "Trade Policy: 'Political' vs. 'Economic' Factors," ZEW Discussion Papers 02-75, ZEW - Leibniz Centre for European Economic Research.
    13. Wolfgang Scherf, 1995. "Die Bedeutung der nicht ausgeschütteten Gewinne für die Koordination von Sparen und Investieren," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 21(4), pages 509-531.
    14. Barens Ingo & Caspari Volker, 1992. "Ist die Liquiditätsfalle instabil?: Ein Kommentar zur Interpretation des IS-LM-Systems durch Größl-Gschwendtner," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 210(3-4), pages 339-345, May.
    15. Klein, Rolf, 2011. "Wachstum durch das Nadelöhr begrenzter Budgets," EconStor Research Reports 54763, ZBW - Leibniz Information Centre for Economics.
    16. Erik Walch, 2001. "An assessment of the national labour market," BCL working papers 1, Central Bank of Luxembourg.
    17. Eckhard Hein, 2005. "Finanzstruktur und Wirtschaftswachstum - theoretische und empirische Aspekte," IMK Studies 01-2005, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    18. Lutz, Stefan, 2002. "Trade policy: 'Institutional' vs. 'economic' factors," ZEI Working Papers B 25-2002, University of Bonn, ZEI - Center for European Integration Studies.
    19. Peichl, Andreas, 2005. "Die Evaluation von Steuerreformen durch Simulationsmodelle," FiFo Discussion Papers - Finanzwissenschaftliche Diskussionsbeiträge 05-1, University of Cologne, FiFo Institute for Public Economics.
    20. Lux, Thomas, 1992. "The sequential trading approach to disequilibrium dynamics," Open Access Publications from Kiel Institute for the World Economy 1510, Kiel Institute for the World Economy (IfW Kiel).

    More about this item

    Keywords

    Neoclassical synthesis; Commodity market;

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:zbw:espost:92899. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/zbwkide.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.