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February 28, 2009
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New Keynesian versus Old Keynesian

by John F. Cogan (Leonard and Shirley Ely Senior Fellow; member of the Working Group on Economic Policy; member of the Working Group on Health Care Policy ; and member of the Task Force on Energy Policy) and John B. Taylor (George P. Shultz Senior Fellow in Economics; Chair, Working Group on Economic Policy; and member of the Task Force on Energy Policy)

Renewed interest in fiscal policy has increased the use of quantitative models to evaluate policy...