[[David Romer]] proposed in 2000 that the LM curve be replaced in the [[IS–LM]] model.<ref>{{cite journal |last=Romer |first=David |year=2000 |title=Keynesian Macroeconomics without the
LM Curve |journal=''[[Journal of Economic Perspectives]]'' |volume=14 |issue=2 |pages=149–169 |doi=10.1257/jep.14.2.149 }}</ref> Instead, Romer suggested that although the Federal Reserve uses [[open market operation]]s to impact the federal funds rate, they are not targeting money supply, but rather the interest rate. Therefore, he suggests removing the LM curve and replacing it with the MP curve.
