Paul defends the IS-LM model. I agree completely!
In some circles, there is now a push to skip the IS-LM model in intermediate macro courses and teach students more modern dynamic macro. Like Paul, I think that is a mistake. In my intermediate macro book, I have added a chapter with a dynamic macro model (which one might consider a baby DSGE model). But students are best equipped to appreciate this model after they understand IS-LM logic.
Updates: Mark Thoma reminds me that I have written on this topic before. Steve Landsburg weighs in.
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