The business cycles theories of Wicksell (1898), Schumpeter (1912), Mises (1912), Hayek (1929, 1935) and Minsky (1986 …, 1992) explain business cycles by distorted prices on capital markets, buoyant credit expansion and overinvestment. The … emergence of the cycle, this paper focuses on the macroeconomic policy responses during and after the crisis, when panic …