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    • IS-LM stability revisited: Samuelson was right, Modigliani was wrong 

      Mendoza Bellido, Waldo Epifanio (Pontificia Universidad Católica del Perú. Departamento de Economía, 2012)
      In Hicks’s IS-LM model, when the marginal propensity to spend is greater than one, the Keynesian multiplier is negative and the IS has a positive slope. Keynes deemed this case as totally unstable. Further literature, from ...