http://www.bis.org/cbhub/list/author/author_2012/index.rss Research hub papers by author John F. Cogan en http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1090.pdf European Central Bank Working papers by John F. Cogan, Tobias Cwik, John B. Taylor, Volker Wieland New Keynesian versus old Keynesian government spending multipliers 2009-10-05T12:39:00Z (JEL: C52, E62) Renewed interest in fiscal policy has increased the use of quantitative models to evaluate policy. Because of modelling uncertainty, it is essential that policy evaluations be robust to alternative assumptions. We find that models currently being used in practice to evaluate fiscal policy stimulus proposals are not robust. Government spending multipliers in an alternative empirically-estimated and widely-cited new Keynesian model are much smaller than in these old Keynesian models; the estimated stimulus is extremely small with GDP and employment effects only one-sixth as large. New Keynesian versus old Keynesian government spending multipliers 2009-10-05T12:39:00Z ECB Full text http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1090.pdf Volker Wieland Tobias Cwik John F. Cogan John B. Taylor John F. Cogan, Tobias Cwik, John B. Taylor, Volker Wieland 2009-09-17 European Central Bank Working papers C52 E62