Details

Autor(en) / Beteiligte

• Rubin, Goulven

Titel

Patinkin on IS-LM: An Alternative to Modigliani

Ist Teil von

• History of political economy, 2004, Vol.36 (Suppl_1), p.190-216

Ort / Verlag

Durham: Duke University Press

Erscheinungsjahr

2004

Link zum Volltext

Quelle

Worldwide Political Science Abstracts

Beschreibungen/Notizen

• Whereas Don Pantinkin's contribution to the development of the neoclassical synthesis is widely acknowledged (D'Autume 2000; Lucas [1980]1981; Weintraub 1979), his name is generally forgotten when it comes to the history of IS-LM. The aim of this essay is to fill this gap. To this end, Pantinkin's contribution, especially Money, Interest and Prices (1956), his major work, is compared with that of Franco Modigliani. The representative character of Modigliani's works justifies his choice as the emblematic IS-LM author. Patinkin's originality lies in his analyzing the IS-LM model with a Walrasian methodology. Although Patinkin's 1956 book exerted an important influence, his model was never considered as an alternative to IS-LM. It is shown that Patinkin's model is superior to Modigliani's 1944 IS-LM model. However, in spite of its superiority, Patinkin's Walrasian recasting of the IS-LM did not replace Modigliani's model as the referential version of IS-LM.