What are the criticisms of the IS-LM model?

What are the key criticisms levied against the IS-LM model, a fundamental tool in macroeconomics? Do critics argue that it oversimplifies complex economic interactions? Does it fail to account for certain market dynamics, such as financial frictions or asset price bubbles? Are there limitations to its assumptions, such as its reliance on the loanable funds market theory or its treatment of the economy as a closed system? And how do these criticisms impact the model's usefulness as a predictive and explanatory tool for policymakers and economists?