Showing 1 - 10 of 42
The article is a synthetic discussion of the current state of the business cycle theory. Three groups of current theories have been briefly discussed
Persistent link: https://www.econbiz.de/10010875594
We develop a market model which explains how prices react to short-run demand variations when the number of active price-setting firms is held fixed on its long-run level. We assume that for each firm the average production cost function is U-shaped, that customers are imperfectly informed about...
Persistent link: https://www.econbiz.de/10010956868
Despite the distinctive character of the Austrian approach to “microfoundations for macroeconomics”, the literature on free banking contains a number of arguments which make use of game-theoretic concepts and models such as the well-known Prisoner´s Dilemma model. While there can be no...
Persistent link: https://www.econbiz.de/10011267869
Robert Triffin became famous with his trenchant analyses of the vulnerabilities of the Bretton Woods system. These are still at the center of many discussions today. This paper argues that there is a remarkable continuity in Triffin's work. From his earliest writings, Triffin developed a vision...
Persistent link: https://www.econbiz.de/10011272764
The renaissance of capital-based macroeconomics belongs to the most significant scholarly developments within the field of macroeconomics in recent times. This paper was a contribution to the special 2001 symposium devoted to a critical evaluation and analysis of the recent revival of...
Persistent link: https://www.econbiz.de/10005076773
This paper is focused on the neoclassical approach in economics and its fundamentals as they are coming from the philosophy of science. However, the author does not want to be treated as an advocate of this approach; this paper is an attempt to popularize several relevant features of...
Persistent link: https://www.econbiz.de/10005258290
Capital-based business cycle theory identifies monetary mismanagement as a major source of economy-wide distortions in the intertemporal allocation of resources by focusing on the relative-price effects - and the corresponding quantity adjustments - of a monetary disturbance, as compared to...
Persistent link: https://www.econbiz.de/10005260212
Hayek's business cycle theory in the 1930s was pioneering both in developing the general equilibrium framework and in integrating capital with monetary theory. From published and unpublished work and correspondence a more complete picture of the evolution of Hayek's thought emerges. This article...
Persistent link: https://www.econbiz.de/10010545680
The paper investigates how changes in industries' funding costs affect total factor productivity (TFP) growth. Based on panel regressions using 31 U.S. and Canadian industries between 1991 and 2007, and using industries' dependence on external funding as an identification mechanism, we show that...
Persistent link: https://www.econbiz.de/10009293770
One of the leading figures of the Austrian School is by far Ludwig von Mises. Known better for his findings regarding the relationship between money, prices and interest, Mises brought originality and a new perspective over the monetary policy. This paper is a tribute to the philosopher Mises,...
Persistent link: https://www.econbiz.de/10010838964