This paper offers an explanation of the resilience of IS-LM models, which are still alive more than sixty years after … their evolution are examined in some detail: the genesis of the prototype of the 'first generation' of IS-LM models (Hicks … 1937), and a recent example of what is here called the 'second generation' of IS-LM models (McCallum and Nelson 1997). The …

This paper discusses the different macroeconomic models presented in Hicks's seminal 1937 article on the IS-LM (or SI …-Pigou-Keynes tradition than to a Walrasian tradition. Textbook IS-LM (and AS-AD) models are compared to the original SI-LL models. It is … argued that textbook IS-LM is decisively different from the SI-LL approach this difference being the cause of presently …