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The CMB power spectra are studied for different families of single field newand chaotic inflation models in the effective field theory approach toinflation. We implement a systematic expansion in 1/N_e where N_e ~ 50 is thenumber of e-folds before the end of inflation. We study the dependence of theobservables (n_s, r and dn_s/d\ln k) on the degree of the potential (2 n) andconfront them to the WMAP3 and large scale structure data: this shows ingeneral that fourth degree potentials (n=2) provide the best fit to the data;the window of consistency with the WMAP3 and LSS data narrows for growing n.New inflation models yield a good fit to the r and n_s data in a wide range offield and parameter space. Small field inflation yields r<0.16 while largefield inflation yields r>0.16 (for N_e=50). All members of the new inflationfamily predict a small but negative running -4(n+1)10^{-4}< dn_s/d\ln k <-210^{-4}. A reconstruction program is carried out suggesting quite generallythatfor n_s consistent with the WMAP3 and LSS data and r<0.1 the symmetry breakingscale for new inflation is |\phi_0| ~ 10 M_{Pl} while the field scale at Hubblecrossing is |\phi_{50}| ~ M_{Pl}.The family of chaotic models feature r>0.16(for N_e=50) and only a restricted subset of chaotic models are consistent withthe combined WMAP3 bounds on r, n_s,dn_s/d\ln k with a narrow window in fieldamplitude around |\phi_{50}| ~ 15 M_{Pl}.A measurement of r<0.16 (for N_e =50)will distinctly rule out a large class of chaotic scenarios and will favor newinflationary models. As a general consequence, new inflation emerges morefavoured than chaotic inflation.Comment: 19 pages, 18 figures. Minor additions. Matches version published in  Phys. Rev.

New inflation versus chaotic inflation, higher degree potentials, and the reconstruction program in light of WMAP 3-year data