Depende de cómo reaccione la oferta de dinero a la tasa de interés y al nivel de ingreso. (horizontalismo, estructuralismo, racionización de crédito). La LM puede tener pendiente positiva o negativa.
"Now, consider the following experiments. An increase in loan demand increases the money supply and shifts the LM schedule down. An increase in money demand shifts the LM schedule up. An increase in the short-term policy interest rate shifts both the policy and loan rate schedules up. It also reduces loan demand which reduces the money supply, and increases money demand. These two changes cause the LM to shift up. If an IS schedule were added to close the model, the long bond rate would increase in response to a higher short term policy interest rate."
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"the LM can be positively or negatively sloped depending on the relative income elasticity of loan and money demand."
Fuente: THOMAS I. PALLEY The theory of endogenous money and the LM schedule: prelude to a reconstruction of ISLM
http://www.scielo.br/scielo.php?pid=S0101-31572017000100003
