asymmetric shocks. Whereas Mundell's (1961) seminal theory on optimum currency areas suggests depreciation in the face of crisis …The 2010 European debt crisis has revived the discussion concerning the optimum adjustment strategy in the face of … perspective by confronting exchange rate based adjustment with crisis adjustment via price and wage cuts. Econometric estimations …

disturbing factor of a generally stable real economy (Wicksell, Hayek, Schumpeter, Fisher, and the early Keynes). Thereafter …

Hayek's "Denationalization of money". Interestingly, Hayek never considered differentiation and specialization by innovative … of exchange, which partly explains the differences in the set-up of private currencies that Hayek demanded and that of …

The paper describes boom-and-bust cycles within Hayek's framework of order and aims to provide an understanding of … endogenously amplified the latest US boom-and-bust cycle and increased the crisis potential. …

Hayek (1929) monetary policy mistakes in large industrial countries issuing international currencies. It its argued that a …

Hayek's approach to cultural and institutional evolution has been frequently criticized because it is explicitly based … recent works on biological and cultural evolution. The paper's main contention is that Hayek employed group selection as a … equilibrium behavior (i.e. altruism). The paper shows that Hayek's ideas foreshadowed some of the most promising developments in …

. With this paper we provide a modest beginning to filling that void. Specifically, we use the history of wasta, Hayek …

.A von Hayek’s approach developed in his book on The Sensory Order. Hayek develops an externalist approach based on … the fundamental impossibility that any kind of neuronal system can fully explain itself. However, Hayek does not fully …