IS-LM model (Hicks-Hansen model)

GPTKB entity

Predicate	Object
gptkbp:instanceOf	macroeconomic model
gptkbp:alsoKnownAs	gptkb:Hicks-Hansen_model gptkb:IS-LM_model
gptkbp:appliesTo	short-run analysis
gptkbp:assumes	closed economy fixed price level
gptkbp:basedOn	gptkb:Keynesian_economics
gptkbp:category	macroeconomic theory Keynesian models
gptkbp:component	gptkb:IS_curve gptkb:LM_curve
gptkbp:criticizedFor	assuming fixed price level neglecting price level changes
gptkbp:describes	relationship between interest rates and real output
gptkbp:developedBy	gptkb:John_Hicks gptkb:Alvin_Hansen
gptkbp:explains	effects of fiscal policy effects of monetary policy
gptkbp:extendsTo	gptkb:Mundell-Fleming_model IS-LM-PC model
gptkbp:graphAxes	interest rate (vertical axis) real GDP/output (horizontal axis)
https://www.w3.org/2000/01/rdf-schema#label	IS-LM model (Hicks-Hansen model)
gptkbp:influencedBy	gptkb:The_General_Theory_of_Employment,_Interest_and_Money
gptkbp:introducedIn	1937
gptkbp:IS_curve	represents equilibrium in the goods market
gptkbp:LM_curve	represents equilibrium in the money market
gptkbp:usedIn	macroeconomics
gptkbp:usedToAnalyze	policy effectiveness macroeconomic equilibrium
gptkbp:bfsParent	gptkb:neo-Keynesian_economics
gptkbp:bfsLayer	6