The Keynesian revolution and IS-LM: From enigma to conundrum

This paper attempts to place the IS-LM model in the framework of the Keynesian revolution, a matter still subject to conjecture and debate. Substantive questions relating to this issue are posed, and suggestions are made regarding how to resolve them - rather than attempts to answer them per-se by reference to the conventional wisdom. Cognitive and operational levels of analysis are specified, with focus upon questions relating to continuity, cardinality, conflict and consensus regarding the relationship between the model and the Keynesian revolution. The plasticity, metamorphosis, dynamization and canonization of the model are then dealt with, again, in the context of its relationship to the Keynesian revolution.