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[log in to unmask] (Horwich, George)
Date:
Tue Feb 13 10:31:09 2007
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Some years ago Sheng Hu and I tried to put some teeth into the AD-AS
diagram by working with the concept of "effective" demand, derived from
our interpretation of the underlying IS-LM functions. We called it "The
Stability of Macro Models." It appeared in "Essays in Contemporary
Fields of Economics", co-edited by myself and Jim Quirk (Purdue
University Press, 1981). It built on an earlier paper by Pat Hendershott
and me, "IS-LM as a Dynamic Framework", which appeared in a volume I
co-edited with Paul Samuelson, "Trade, Stability, and Macroeconomics"
(Academic Press, 1974.) And even farther back, my book "Money, Capital,
and Prices" (R.D. Irwin, 1964) laid the groundwork for the dynamic
adjustment used in the later papers.

It goes without saying that few if any texts handle the process
correctly.

George Horwich


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