 Neoliberalism, as noted, arose in part in response to the dominance of Keynesian macro-economic policy. But Keynesians, most notably Paul Krugman (2012), have struck back by arguing that neoliberal criticisms of Keynesian policy fail. This is especially true because neoliberals often claimed that fiscal policy is ineffective stimulus vis-à-vis monetary stimulus. During the Great Recession, Krugman argued that the Federal Reserve had lowered interest rates so much that further monetary stimulus would fail, and so fiscal policy had to intervene.