A Belated Note On Lm Shifts in Lm And Keynes Minimum Rate of Interest
A Belated Note On Lm Shifts in Lm And Keynes Minimum Rate of Interest
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The plausibility of an L asymptotical to the r axis should be apparent when this is associated with the tendency of demand L for idle cash to vanish as the bond (consol) price l/r tends to zero.
The apparent complexity of Figure 1 is motivated not only by economy of space, but also by a desire to yield many results comparable within a single framework.
Thus, for small enough M, LM will be so high that it is above IS (not drawn, but insertable by the reader) for all Y>0, so that an intersection ...determining r is not afforded. Hence, in stating the Keynesian complete system, it should be recognized as a necessary condition for the existence of a solution that M be large enough to yield an r-intercept of the cor- responding LM below that of IS. This point does not come out if it is thought, erroneously, that each LM has an r-intercept equal to the Keyne- sian minimum rate of interest . (Cf . R. G. D. Allen, MacroEconomic Theory . MacMillan, (1967), 134, Exercise 7. 2. ) Allen somehow gets LM curves, drawn for different values of M, "hinged on" an r to which L is asymptotic (ibid.
What to read after A Belated Note On Lm Shifts in Lm And Keynes Minimum Rate of Interest?
You can find similar books in the "Read Also" column, or choose other free books by Murat R Sertel to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The plausibility of an L asymptotical to the r axis should be apparent when this is associated with the tendency of demand L for idle cash to vanish as the bond (consol) price l/r tends to zero.
The apparent complexity of Figure 1 is motivated not only by economy of space, but also by a desire to yield many results comparable within a single framework.
Thus, for small enough M, LM will be so high that it is above IS (not drawn, but insertable by the reader) for all Y>0, so that an intersection ...determining r is not afforded. Hence, in stating the Keynesian complete system, it should be recognized as a necessary condition for the existence of a solution that M be large enough to yield an r-intercept of the cor- responding LM below that of IS. This point does not come out if it is thought, erroneously, that each LM has an r-intercept equal to the Keyne- sian minimum rate of interest . (Cf . R. G. D. Allen, MacroEconomic Theory . MacMillan, (1967), 134, Exercise 7. 2. ) Allen somehow gets LM curves, drawn for different values of M, "hinged on" an r to which L is asymptotic (ibid.
What to read after A Belated Note On Lm Shifts in Lm And Keynes Minimum Rate of Interest?
You can find similar books in the "Read Also" column, or choose other free books by Murat R Sertel to read onlineMoreLess
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