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from the article:
Most of Washington policy analysis
uses Keynesian models or Keynesian thinking. This is really curious. Our
whole policy establishment uses a model that cannot be published in a
peer-reviewed journal. Imagine if the climate scientists were telling us
to spend a trillion dollars on carbon dioxide mitigation -- but they
had not been able to publish any of their models in peer-reviewed
journals for 35 years.
Source: John Cochrane, "New vs. Old Keynesian Stimulus," thegrumpyeconomist.com, November 8, 2013
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