Showing 1 - 7 of 7
Persistent link: https://www.econbiz.de/10001683426
Hayek's early writings on business-cycle theory and the Great Depression argued that cyclical downturns, including that of 1929-1931 were caused by unsustainable elongations of the capital structure caused by bank-financed investment exceeding voluntary saving. Believing that monetary expansion...
Persistent link: https://www.econbiz.de/10012705242
Persistent link: https://www.econbiz.de/10011927722
Persistent link: https://www.econbiz.de/10000818160
This paper reviews a collection of essays by Charles Kindleberger. After a quick overview of the contents of the volume, the paper criticizes the position advanced by Kindleberger that monetary policy should seek to counteract asset price inflation. The review also discusses critically...
Persistent link: https://www.econbiz.de/10013087302
Monetary-policy rules are attempts to cope with the implications of having a medium of exchange whose value exceeds its cost of production. Two classes of monetary rules can be identified: (1) price rules that target the value of money in terms of a real commodity, e.g., gold, or in terms of...
Persistent link: https://www.econbiz.de/10014121191
Persistent link: https://www.econbiz.de/10013537215