is lm model 2015
TRANSCRIPT
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I S1
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LM1
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Derivation of Aggregate Demand
r
E1
E2
LM1r
AD
Y
P
E1
E2
I SY
LM2
E1
E2
r
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The Keynes Effect
AD
Y
P
E1
E0
ISY
M/P0
E1
E0
M/P1r
P1 > P0
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Fiscal Policy and Crowding Out Effect
LM
IS1
IS2
r
Y
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Policy Mix: Accommodating Monetary Policy
r
Y
r*
IS1
IS0
LM0
LM1
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Liquidity Trap Zone No Crowding Out
r
Y
LM
IS1IS2
rmin.
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Classical ZoneFull Crowding Out
Y
LMIS2r
IS1