Re: Why economists do not care about high rates of unemployment w

[FAC_BROSSER@xxxxxxxxxxxxxxxx]

Paul,
     Please, please, please, do not keep confusing the "New-neo-
Keynesians" (Stiglitz, Mankiw, et al) with the "New Keynesians"
although the former certainly use the term for themselves.  The
former DO NOT stress nonlinearity but indeed, as you have accurately
pointed out, impose essentially ad hoc (if empirically relevant)
constraints.  The latter use nonlinearity, which may also be "ad
hoc" but then as has been frequently noted that is the view of most
New Classicals towards assumptions of nonergodicity.
Barkley Rosser
JMU