John Quiggin has a post in which he ‘categorizes’ different sorts of ‘Keynesians’. There´s the:
1 Old Old
2. Old New
3. New Old, and
4. New New
Confusing? It gets more so:
There hasn’t been much overt conflict between New New and New Old Keynesians. That’s because nearly all Keynesians are in agreement on the need for more fiscal stimulus in the major economies, and because New Old Keynesians have, in general, confined themselves to policy debate while New New Keynesians have mostly steered clear of those debates. But the need to refound Keynesian macroeconomics on firmer foundations is every bit as clear as in the 1970s.
Which reminded me of Lars conclusion in a recent post:
It is the monetary policy regime stupid!