Once interest rates begin to rise — and rise they must, whether as a result of Fed policy or not — the end of the asset price inflation will be at hand. The result will be another financial crisis and accompanying recession.
This lecture by Roger Garrison was presented at the 2012 Mises University in Auburn, Alabama. Includes an introduction by Mark Thornton.
In “The Theory of Money and Credit”, Mises provided the basics for the long-sought explanation for that mysterious and troubling econom
Jeff Deist and David Howden discuss the history of banking in America before 1913 and the entanglements of the Federal Reserve.
There is trouble lurking in each of the book’s four chapters. The text gets off on a wrong foot as Bernanke overviews the origins and purposes of the Fed.
This paper identifies merger waves as parts of Austrian-type business cycles. According to Austrian business cycle theory, when loan rates are reduced below their natural level through bank credit expansion, this falsifies the monetary calculation of capitalist-entrepreneurs, and investments are initiated that calculation showed were not profitable before the interest rate reduction.
Ludwig von Mises Memorial Lecture from the 2014 Austrian Economics Research Conference presented by J. Huston McCulloch. Ludwig von Mises’s writings contain many insights that are very relevant for mainstream macroeconomics.
The spread-model provides no point of attachment for spiral reasoning because there is no representativity assumption that forces the model agents to behave in a similar way.
Garrison's Time and Money picks up where Hayek left off, developing a macroeconomic model based on Austrian capital theory that provides significant insights into macroeconomic phenomena.
Markets are not efficient as that term is currently used in academic finance. Rather, markets are reflexive in that market behavior and the fundamentals reflect each other via a two-way, interactive feedback loop.
