Is the Stimulus Working?

My recent Wall Street Journal column with John Cogan and Volker Wieland looked at the data available so far and concluded that there has been no noticeable impact. CNBC's Steve Liesman takes the other side in a debate with me on the the Kudow Report last Thursday.

Many asked me how we control for other factors, such as oil prices, in such studies; the answer is to use regression techniques as in this AEA paper. A contrast between Keynesian and more modern macro models is found in this robustness analysis by Cogan, Cwik, Taylor, and Wieland