【摘要】 本文认为IS -LM模型的重要前提假设为存在着一个完善的金融市场 ,可以形成统一的证券收益率 ,因而该模型纵轴的i为证券收益率 ,即持有货币的机会成本。若一国经济体系中无此机制 ,则该模型的结论不存在。改革至今 ,我国的证券市场尚未成为储蓄向投资转化的主要场所 ,总投资、货币需求总量均不是证券收益率的函数 ,因此“流动性陷阱”不存在 ,标准的IS-LM模型也无法导出 ,更不能以此牵强中国的财政政策和货币政策。我国应抓住当前完善证券市场的好时机 ,尽快完成这一前提的构建更多还原

【Abstract】 This article holds that the important premise of the IS-LM Model is the assumption of the existence of a perfect financial market that ensures a uniform security rate of return. Thus, the vertical axis i of the model is the security rate of return, i.e. the opportunity cost of the currency owned. If there is no such mechanism in the economic system of a country, the conclusion of this model shall not exist. Since reform, the security market has not become a major place for the transition from savings to investment and total investment and total currency demand is not the function of the security rate of return. Therefore, the “liquidity trap” does not exist and the standard IS-LM Model can not be derived, still less than forcing it on the financial and monetary policies in China. China should take this opportunity of improving security market and accomplish the construction of this premise in the soonest time possible.更多还原