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Don Patinkin on IS-LM: an Alternative to Modigliani

Author

Listed:
  • Goulven Rubin

    (LED - Laboratoire d'Economie Dionysien - UP8 - Université Paris 8 Vincennes-Saint-Denis)

Abstract

This paper studies Patinkin's contribution to the development of IS-LM, mostly Money Interest and Prices (1956), by comparing it to Modigliani's (1944, 1963). Patinkin's originality, it is claimed, lies in his analyzing the IS-LM model with a Walrasian methodology. Whereas Modigliani lacked an adequate method to deal with general equilibrium, his Walrasian approach allowed Patinkin to complete, to correct and to clarify the IS-LM model. However, in spite of its superiority, Patinkin's Walrasian recasting of the IS-LM model did not replace Modigliani's model as the referential version of IS-LM. To explain this fate, it is contended that Patinkin's work marked a methodological bifurcation in the history of IS-LM, opening a route departing from the original conception of IS-LM associated with Hicks and Modigliani and which was Marshallian in spirit.

Suggested Citation

  • Goulven Rubin, 2004. "Don Patinkin on IS-LM: an Alternative to Modigliani," Post-Print halshs-00636825, HAL.
    • Handle: RePEc:hal:journl:halshs-00636825
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    Cited by:

    1. Michel De Vroey, 2020. "Should the History of Macroeconomics Steer Cear of the Fray or be Partisan? A Critical Essay on Banks and Finance in Modern Macroeconomics by B. Ingrao and C. Sardoni," LIDAM Discussion Papers IRES 2020028, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).

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