Presentation to the Midwest Economic Education Conference, St. Louis - April 11, 2002

This paper reviews the "Austrian" theory of the business cycle first proposed by Friedrich Hayek in the 1920s. His theory claimed that credit creation by monetary authorities would push investment beyond society's long-term willingness to save, creating a mismatch between supply and demand that...

Use of the New Keynesian model to identify shocks points to contractionary monetary policy as the cause of the Great Recession in the Eurozone.

Related links: http://www.richmondfed.org/publications/research/region_focus/2010/q4/cover_weblinks.cfm

This article reviews the competing explanations offered for the recession of 1937, which interrupted the recovery from the Great Depression. One explanation, increases in labor costs due to the New Deal's industrial policies, fails to account for the full extent of the downturn and for the...

Remarks before the Austin Headliners Club, Austin, Texas, November 10, 2009 ; "The Federal Reserve has done what it can to prevent Depression 2.0 and the deflation that one would have expected might accompany economic collapse. It will take some time, in my opinion, to get back on a steady...

Remarks at the at the Society of American Business Editors and Writers Fall Conference, City University of New York, Graduate School of Journalism, New York City.