Over at Econlog I have a post criticizing Olivier Blanchard's suggestions for improving the way we teach macro. Blanchard wants to focus on the IS relationship, and pretty much discard LM: The LM ...

WHEN The Economist's economics editor studied macroeconomics in the 1970s, the basic model for understanding swings in demand was the so-called IS-LM framework, invented by Sir John Hicks in 1937 as ...

Economic Theory, Vol. 21, No. 2/3, Symposium in Honor of Mordecai Kurz (Mar., 2003), pp. 347-397 (51 pages) We build a one-period general equilibrium model with money. Equilibrium exists, and fiat ...

Simply sign up to the Central banks myFT Digest -- delivered directly to your inbox. Manmohan Singh is a senior economist at the IMF. The views below are his own, rather than that of the IMF or its ...