IS-LM მოდელის განტოლებათა სისტემის სპეციფიკაციის, იდენტიფიკაციისა და ვერიფიკაციის თავისებურებები

The following master thesis analyses the issues regarding 𝐼𝑆 − 𝐿𝑀 model specification identification and verification. In the thesis Macroeconomic implications of 𝐼𝑆 − 𝐿𝑀 model have been discussed.
furthermore, in system of equations possible independent variables have been determined for each specific equation, coefficients of equations have been interpreted and the possible effects of political influence have been shown. On the other hand, the characteristics of the extension of the given model, specifically Mundell-Fleming model and the specific version of it in particular the one for the imperfect capital mobility countries have been analyzed.
In the second chapter, for the econometric version of 𝐼𝑆 − 𝐿𝑀 model the issues and results regarding endogenity have been identified. Moreover, the methods for overcoming endogenity have been presented which afterwards have been applied for estimating equations in 𝐼𝑆 − 𝐿𝑀 model for Georgia using two stage least square estimator. Estimated coefficients in turn made it possible to find coefficients for 𝐼𝑆 and 𝐿𝑀 curves and also for aggregate demand. This has been helpful for analyzing the effects of monetary and fiscal politics for Georgia.
Apart from this, 𝑉𝐴𝑅 models for open and closed economies based on 𝐼𝑆 − 𝐿𝑀 model equations have been analyzed, the presence of granger causality issues were investigated and impulse response functions were learned and used for ascertaining the effects of shocks for the given macroeconomic indicators. Additionally, finding long-term equilibrium for economy has been suggested with 𝑉𝐸𝐶𝑀 model. For this purpose, cointegration between time series have been found with specific tests, the 𝑉𝐸𝐶𝑀 model has been estimated and correction coefficient of deviation from long-term equilibrium has been found.