If you follow Paul Krugman, he spends a lot of time talking about how the model he uses has been vindicated by events. Unfortunately that model is not dictating policy.
Krugman would refer to his model as Keynesian vis-a-vis John Hicks. However, the other part of the model - the newer part - is the notion that this is a "balance sheet recession," a term coined by economist Richard Koo.
That concept is explained in remarkably clear terms in this 10-minute video. It explains not only the nature of the problem, but also why austerity is so wrong-headed - like putting gas on a fire.