The recent shake-up at the research department of the Federal Reserve Bank of Minneapolis has rekindled a discussion about the best macroeconomic model to use as a guide for policymakers. Should we ...

This paper analyzes whether the short-run behavior of output, the interest rate, and the price level in the U.S., Germany, France, the U.K., and Italy follows the qualitative predictions of the IS-LM ...

WHEN The Economist's economics editor studied macroeconomics in the 1970s, the basic model for understanding swings in demand was the so-called IS-LM framework, invented by Sir John Hicks in 1937 as ...

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