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The return of Keynesianism, Sandbu about Yellen speech

- Its modest focus — it is titled “Macroeconomic research after the crisis” — is deceptive.

Beyond useful research recommendations, Yellen’s words carry more profound implications, 

including an admission of the extent to which central bankers are navigating in the dark, 

and a return to much more aggressive policies for demand management than modern macroeconomic theory had until recently admitted.

Read more here

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