. Based on an overinvestment framework, we show that in the prevailing asymmetric world monetary system, monetary policies of …

, from the perspective of Austrian business cycle theory, interest rates were step by step decreased by central banks to … nihilo and the need of time to produce capital invalidates the IS identity assumed in the Keynesian theory to hold …

rest of the world. International cooperation benefits other countries by improving global demand for dollar-invoiced goods …

This paper proposes an equilibrium theory of nominal exchange rates, which offers a new perspective on various issues … features of this theory are that the nominal exchange rate is determined in international financial markets, that the risk … from the nominal exchange rate. In terms of policy, this novel theory implies that a country with an exchange rate peg and …