Greg Mankiw asks why two New Keynesian analyses - by Eichenbaum et al and by Cogan et al (both large pdfs, neither written in English) - reach such different conclusions about the size of the fiscal multiplier.
One main answer, I think, is that in Eichenbaum et al fiscal policy is modeled as a response to [...:]
Published on July 14, 2009 13:56