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Unfinished business in the macroeconomics of low inflation: a tribute to George and Bill by Bill and George.
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Brookings Papers on Economic Activity
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September 22, 2007
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;
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Copyright informationCOPYRIGHT 2007 Brookings Institution. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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THE RETIREMENT OF GEORGE Perry and William Brainard as editors of the Brookings Papers gives us an opportunity to say publicly what we have often said privately: the Brookings Papers is an important national institution. It is important because it has set the right tone for U.S. macro-economic policy. George and Bill are both Keynesians, not just in the narrow tradition of IS-LM models with Phillips curves, but also in their broader methodological approach to macroeconomics. The Brookings Papers has always reflected their view that macroeconomics should be a pragmatic and judicious mixture of theory and common sense, informed by statistical analysis. That of course reflects the ...
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