{"id":"https://openalex.org/W1964862837","doi":"https://doi.org/10.1093/cje/beu082","title":"IYLM: aGeneral Theory\u2013compatible replacement for ISLM","display_name":"IYLM: aGeneral Theory\u2013compatible replacement for ISLM","publication_year":2015,"publication_date":"2015-02-25","ids":{"openalex":"https://openalex.org/W1964862837","doi":"https://doi.org/10.1093/cje/beu082","mag":"1964862837"},"language":"en","primary_location":{"id":"doi:10.1093/cje/beu082","doi":"https://doi.org/10.1093/cje/beu082","is_oa":false,"landing_page_url":"https://doi.org/10.1093/cje/beu082","pdf_url":null,"source":{"id":"https://openalex.org/S67103694","display_name":"Cambridge Journal of Economics","issn_l":"0309-166X","issn":["0309-166X","1464-3545"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","jufo-1","norway-1","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Cambridge Journal of Economics","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5014909357","display_name":"Rod O\u2019Donnell","orcid":"https://orcid.org/0000-0002-4805-3350","observed_orcids":["https://orcid.org/0000-0002-4805-3350"]},"institutions":[{"id":"https://openalex.org/I114017466","display_name":"University of Technology Sydney","ror":"https://ror.org/03f0f6041","country_code":"AU","type":"education","lineage":["https://openalex.org/I114017466"]},{"id":"https://openalex.org/I5681781","display_name":"The University of Adelaide","ror":"https://ror.org/00892tw58","country_code":"AU","type":"education","lineage":["https://openalex.org/I4405259444","https://openalex.org/I5681781"]}],"countries":["AU"],"is_corresponding":false,"raw_author_name":"Rod O\u2019Donnell","raw_affiliation_strings":["University of Technology, Sydney (RO), and University of Adelaide (CR). We thank various people for comments that have helped improve the article: Tony Aspromourgos, Geoff Fishburn, John Smithin, Louis-Philippe Rochon, Angel Asensio, Dany Lang and two anonymous referees, as well as participants at conferences held by the History of Economic Thought Society of Australia 2013, the Keynes Society of Japan 2013, and the Eastern Economic Association 2014","University of Technology Sydney, Sydney, Australia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Technology, Sydney (RO), and University of Adelaide (CR). We thank various people for comments that have helped improve the article: Tony Aspromourgos, Geoff Fishburn, John Smithin, Louis-Philippe Rochon, Angel Asensio, Dany Lang and two anonymous referees, as well as participants at conferences held by the History of Economic Thought Society of Australia 2013, the Keynes Society of Japan 2013, and the Eastern Economic Association 2014","institution_ids":["https://openalex.org/I114017466","https://openalex.org/I5681781"]},{"raw_affiliation_string":"University of Technology Sydney, Sydney, Australia","institution_ids":["https://openalex.org/I114017466"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5035541077","display_name":"Colin Rogers","orcid":"https://orcid.org/0000-0002-5443-6040","observed_orcids":["https://orcid.org/0000-0002-5443-6040"]},"institutions":[{"id":"https://openalex.org/I114017466","display_name":"University of Technology Sydney","ror":"https://ror.org/03f0f6041","country_code":"AU","type":"education","lineage":["https://openalex.org/I114017466"]},{"id":"https://openalex.org/I5681781","display_name":"The University of Adelaide","ror":"https://ror.org/00892tw58","country_code":"AU","type":"education","lineage":["https://openalex.org/I4405259444","https://openalex.org/I5681781"]}],"countries":["AU"],"is_corresponding":false,"raw_author_name":"Colin Rogers","raw_affiliation_strings":["University of Technology, Sydney (RO), and University of Adelaide (CR). We thank various people for comments that have helped improve the article: Tony Aspromourgos, Geoff Fishburn, John Smithin, Louis-Philippe Rochon, Angel Asensio, Dany Lang and two anonymous referees, as well as participants at conferences held by the History of Economic Thought Society of Australia 2013, the Keynes Society of Japan 2013, and the Eastern Economic Association 2014","University of Technology Sydney, Sydney, Australia"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Technology, Sydney (RO), and University of Adelaide (CR). We thank various people for comments that have helped improve the article: Tony Aspromourgos, Geoff Fishburn, John Smithin, Louis-Philippe Rochon, Angel Asensio, Dany Lang and two anonymous referees, as well as participants at conferences held by the History of Economic Thought Society of Australia 2013, the Keynes Society of Japan 2013, and the Eastern Economic Association 2014","institution_ids":["https://openalex.org/I114017466","https://openalex.org/I5681781"]},{"raw_affiliation_string":"University of Technology Sydney, Sydney, Australia","institution_ids":["https://openalex.org/I114017466"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":3423,"currency":"GBP","value_usd":4514},"apc_paid":null,"fwci":7.9297,"has_fulltext":false,"cited_by_count":11,"citation_normalized_percentile":{"value":0.97168838,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":"40","issue":"1","first_page":"349","last_page":"364"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.9965999722480774,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.9965999722480774,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.002199999988079071,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.0006000000284984708,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/keynes-s-general-theory","display_name":"Keynes's General Theory","score":0.9449999928474426},{"id":"https://openalex.org/keywords/keynesian-economics","display_name":"Keynesian economics","score":0.8619999885559082},{"id":"https://openalex.org/keywords/loanable-funds-theory","display_name":"loanable funds theory","score":0.9300000071525574},{"id":"https://openalex.org/keywords/macroeconomic-theory","display_name":"macroeconomic theory","score":0.4819999933242798}],"concepts":[{"id":"https://openalex.org/C2395362","wikidata":"https://www.wikidata.org/wiki/Q6663479","display_name":"Loanable funds","level":3,"score":0.9069787859916687},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7888224124908447},{"id":"https://openalex.org/C2992002026","wikidata":"https://www.wikidata.org/wiki/Q1111474","display_name":"General theory","level":2,"score":0.5692064166069031},{"id":"https://openalex.org/C132010649","wikidata":"https://www.wikidata.org/wiki/Q189222","display_name":"Intuition","level":2,"score":0.5376438498497009},{"id":"https://openalex.org/C56777670","wikidata":"https://www.wikidata.org/wiki/Q60224","display_name":"Post-Keynesian economics","level":2,"score":0.5147057175636292},{"id":"https://openalex.org/C165556158","wikidata":"https://www.wikidata.org/wiki/Q83937","display_name":"Keynesian economics","level":1,"score":0.505652666091919},{"id":"https://openalex.org/C133425853","wikidata":"https://www.wikidata.org/wiki/Q60571","display_name":"Neoclassical economics","level":1,"score":0.42425358295440674},{"id":"https://openalex.org/C144237770","wikidata":"https://www.wikidata.org/wiki/Q747534","display_name":"Mathematical economics","level":1,"score":0.3762081265449524},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.34415796399116516},{"id":"https://openalex.org/C118084267","wikidata":"https://www.wikidata.org/wiki/Q26110","display_name":"Positive economics","level":1,"score":0.328058123588562},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.14148631691932678},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.09876012802124023},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.1093/cje/beu082","doi":"https://doi.org/10.1093/cje/beu082","is_oa":false,"landing_page_url":"https://doi.org/10.1093/cje/beu082","pdf_url":null,"source":{"id":"https://openalex.org/S67103694","display_name":"Cambridge Journal of Economics","issn_l":"0309-166X","issn":["0309-166X","1464-3545"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","jufo-1","norway-1","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Cambridge Journal of Economics","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:oup:cambje:v:40:y:2016:i:1:p:349-364.","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1093/cje/beu082","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:digital.library.adelaide.edu.au:2440/89475","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/2440/89475","pdf_url":null,"source":{"id":"https://openalex.org/S4306401835","display_name":"Adelaide Research & Scholarship (AR&S) (University of Adelaide)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I5681781","host_organization_name":"The University of Adelaide","host_organization_lineage":["https://openalex.org/I5681781"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://dx.doi.org/10.1093/cje/beu082","raw_type":"Journal article"},{"id":"pmh:oai:open-archive.highwire.org:cameco:40/1/349","doi":null,"is_oa":false,"landing_page_url":"http://cje.oxfordjournals.org/cgi/content/short/40/1/349","pdf_url":null,"source":{"id":"https://openalex.org/S4406923041","display_name":"HighWire Press Open Archive","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"TEXT"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":21,"referenced_works":["https://openalex.org/W32421531","https://openalex.org/W1567295673","https://openalex.org/W1910223430","https://openalex.org/W1971482772","https://openalex.org/W1991153872","https://openalex.org/W2008114614","https://openalex.org/W2041446174","https://openalex.org/W2064926781","https://openalex.org/W2087166895","https://openalex.org/W2096051099","https://openalex.org/W2125675417","https://openalex.org/W2329234417","https://openalex.org/W2334832210","https://openalex.org/W2477031245","https://openalex.org/W2487282674","https://openalex.org/W2797084651","https://openalex.org/W2798421831","https://openalex.org/W3107884222","https://openalex.org/W3141879606","https://openalex.org/W4255335892","https://openalex.org/W4310835341"],"related_works":["https://openalex.org/W7055741467","https://openalex.org/W1559693861","https://openalex.org/W4391234956","https://openalex.org/W4235358920","https://openalex.org/W2766688138","https://openalex.org/W7029651042","https://openalex.org/W104963853","https://openalex.org/W2168265615","https://openalex.org/W603247540","https://openalex.org/W4235052692"],"abstract_inverted_index":{"The":[0,110,125,137],"ISLM":[1,30,143],"model,":[2],"introduced":[3],"in":[4,16,70,79],"1936\u201337":[5],"to":[6,85,94,103,124],"provide":[7],"interpretations":[8],"of":[9,26,47,50,90,97,106,113,150],"Keynes\u2019s":[10,51,98],"General":[11,67,126],"Theory":[12,68,127],",":[13],"subsequently":[14],"emerged":[15],"its":[17],"Hicks-Hansen":[18,142],"form":[19,149],"as":[20,43,58,100],"the":[21,63,88,95,104,114,117,130],"workhorse":[22],"and":[23,40,119],"\u2018trained":[24],"intuition\u2019":[25],"post-war":[27],"macroeconomists.":[28],"However,":[29],"is":[31,73,84,144],"an":[32,44,101,147],"essentially":[33],"orthodox":[34,151],"model":[35,65,118],"based":[36,145],"on":[37,76,146],"neoclassical":[38],"foundations":[39],"fails":[41],"completely":[42],"adequate":[45],"representation":[46],"central":[48],"elements":[49],"macroeconomic":[52],"thought.":[53],"This":[54],"article":[55,115],"proposes":[56],"IYLM":[57,131],"a":[59,91],"replacement":[60],"for":[61],"ISLM,":[62],"new":[64],"being":[66],"\u2013compatible":[69],"that":[71,80,121,141],"it":[72],"grounded":[74],"only":[75],"key":[77],"propositions":[78],"work.":[81],"Its":[82],"purpose":[83],"contribute,":[86],"within":[87],"constraints":[89],"two-market":[92],"framework,":[93],"resuscitation":[96],"macroeconomics":[99],"alternative":[102],"inadequacies":[105],"much":[107],"current":[108],"macroeconomics.":[109],"first":[111],"part":[112,139],"derives":[116],"argues":[120],"those":[122],"sympathetic":[123],"can":[128],"accept":[129],"framework":[132],"whilst":[133],"simultaneously":[134],"rejecting":[135],"ISLM.":[136],"second":[138],"shows":[140],"income-augmented":[148],"loanable":[152],"funds":[153],"theory.":[154]},"counts_by_year":[{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":4},{"year":2017,"cited_by_count":3},{"year":2016,"cited_by_count":1}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}