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What is Modern IS-IR Model in Macroeconomics about?
This paper introduces the IS–IR model as a modern alternative to the traditional IS–LM framework, addressing the limitations of the LM curve in light of contemporary central banking practices. The IS–IR model retains the goods-market logic of the IS curve while replacing the LM curve with a horizontal interest-rate schedule that reflects central bank policy, thus providing a more accurate tool for analyzing fiscal and monetary policy. The framework emphasizes the endogeneity of money supply and the central
- Author
- Fabian Chahin
- Language
- EN