Quarterly Journal of Austrian Economics

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Rethinking Capital-Based Macroeconomics

The Quarterly Journal of Austrian Economics

Tags Money and BanksFiscal TheoryMoney and Banking

07/30/2014Adrián Osvaldo Ravier

Volume 14, Number 3 (Fall 2011)


The objective of this article is to present an extension of Garrison's captial-based macroeconomics" model. Garrison's objective was ― starting from a full employment equilibrium situation ― to build a model that provides insight into the causes of crisis and depression. We offer ― starting from an unemployment situation ― an explanation of why expansionary monetary policies fail in the longer term to solve the unemployment problems association with recessions.  This extension provides a fresh perspective on the debates between Hayek and Keynes in the 1930's and over "quantitative easing" today.


Contact Adrián Osvaldo Ravier

Adrián Ravier holds a Ph.D. in applied economics from the University Rey Juan Carlos in Madrid and is professor and research fellow of the School of Business at Francisco Marroquín University, Guatemala.