"by and large, ad hoc models like IS-LM are actually more useful, in my judgment. But you probably do want to double-check your logic using fancier optimization models."
" Case in point: when I first got worried about the liquidity trap, I thought it was a myth, and set out to show that it was a myth using a simple NK model; what I actually found out was that my verbal logic was wrong, and it can indeed happen"
till 1998 he'd used verbal logic to push keyes fiscalist macronautics aside ..
