Quarterly Journal of Austrian Economics
Author:
Larry J. Sechrest
Online Publish Date:
lead to unsustainable malinvestments and a boom-and-bust cycle. Sometimes monetary policy produces sustainable expansions; “the final outcome is never certain in both Ricardian equivalence and the Modigliani-Miller theorems concerning monetary policies that do not involve fiscal changes (pp. 68–70), Cowen nevertheless agrees topic. His risk-based approach, although I believe it to be fatally flawed, is innovative and challenging. Moreover, unlike most economists, he treats the