Titlebook: Reinterpreting Mr. Keynes; The IS-LM Enigma Rev Warren Young,Edward W. Fuller Book 2022 The Editor(s) (if applicable) and The Author(s), un

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,The Advent of Keynes’s IS-LM, 1933,proto IS-LM model. The chapter explores the history of the multiplier and marginal efficiency of capital, and it contains a detailed analysis of Keynes’s 1933 lectures. We show that Keynes used a formal, four-equation IS-LM model to summarize the . on December 4, 1933.

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,“The Missing Link”: Keynes’s Own Lecture Notes, December 4, 1933, Impact and Implications,ent equations in the document show that he had already achieved Chapter 19 of the . by late 1933. Finally, the chapter compares Keynes’s own handwritten notes to the available student notes and explores how Rashomons in the student notes have impacted the literature. The chapter contains copies of o

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,Reconstructing Keynes’s IS-LM Approach, 1931 to 1937,adopted a formal IS-LM approach in the 1934 drafts. The chapter addresses archival material that shows Keynes himself invented the marginal efficiency of capital. Keynes’s 1934 lectures are analyzed, and we show he started de-formalizing his presentation in late 1934. In mid-1935, he started re-form

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,Keynes’s Equations and Early Post-General Theory IS-LM Models,h to his theory; he never rejected it. It is shown that Lange’s IS-LM paper was foundational for the main figures of the Neoclassical Synthesis, including Samuelson, Modigliani, and Klein. All of the early IS-LM papers can be traced to Keynes’s own IS-LM model of December 4, 1933.

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The Legacy of December 1933: Re-interpreting Mr. Keynes,timulate the development of the New Classical Economics. When New Keynesian Models began to emerge, they were essentially extensions of IS-LM. Later, IS-LM was the core of the New Neoclassical Synthesis. Beyond that, Keynes’s own static IS-LM approach inspired the development of the earliest Dynamic

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,“The Missing Link”: Keynes’s Own Lecture Notes, December 4, 1933, Impact and Implications,en notes to the available student notes and explores how Rashomons in the student notes have impacted the literature. The chapter contains copies of original handwritten student notes for comparison with GTE/5/419.

Hemoptysis

The Legacy of December 1933: Re-interpreting Mr. Keynes,IS-LM was the core of the New Neoclassical Synthesis. Beyond that, Keynes’s own static IS-LM approach inspired the development of the earliest Dynamic IS-LM models. Finally, via Klein, Keynes’s IS-LM approach has played a central role in macroeconometrics.

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