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Professor Rao's comments (and the CFP for the HOPE conference on ISLM) reminded me of
another good (and under-appreciated) source for understanding and deconstructing the AD-AS
model: John Weeks, A Critique of Neoclassical Macroeconomics, 1989, St. Martin's Press.
If I recall correctly, Weeks demonstrates (as Professor Rao intimates) that the AD-AS
model entails a kind of super-duper equilibrium, possibly as a locus of potential ISLM
equilibria, itself already a super-equilibrium model. Something like that anyway.
 
Mat Forstater 
 
 
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