will give investment professionals the edge they need to make informed decisions and meet the increasing demands of investors and regulators.
This spreadsheet uses the ISLM
model from Hall and Taylor's Macroeconomics.
Long-run empirical models can discriminate between a simple Keynesian cross and a monetarist approach, but they cannot discriminate between a monetarist and a standard IS-LM model because the monetary equation is the LM schedule in an ISLM
Juselius (1990) Identification of the Long-run and the Short-run Structure: An Application to the ISLM
Donihue, "The ISLM
Cases in Three Econometric Models," Chapter 4 in Lawrence R.
This shift is determined by the ISLM
multiplier in standard macro models.
Equation (1) is the familiar aggregate demand function which is obtained from the following ISLM
added the MV = PY equation of exchange to Hick's ISLM
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