A Reformulation of Austrian Business Cycle Theory in Light of the Financial Crisis
The financial crisis and the events leading up to it have sparked a remarkable renewal of interest in Austrian Business Cycle Theory (ABCT).
Booms and Busts
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The Recession of 1990: A Comment
Arthur Hughes seeks to apply the Austrian theory of the business cycle to the recession of 1990.
Austrian Business Cycle Theory: Variations on a Theme
In a recent study, Keeler (2001) attempts to provide historical/empirical evidence for the Austrian business cycle theory by examining the effect of interest-rate changes on various components
Review of The Subprime Solution: How Today’s Global Financial Crisis Happened, and What to Do About It. By Robert J. Shiller
It is with great trepidation and anticipation that we review Robert Shiller’s new book, The Subprime Solution. Trepidation as to the causes of the problem, which were expected to take a behavioral spin.
Austrian Business Cycle Theory and the Global Financial Crisis: Confessions of a Mainstream Economist
Austrian business cycle theory has a legitimate claim to being the most authoritative explanation of the recent global financial and economic crisis.
Systematic Risk, Missing Gold Flows, and the Panic of 1907
his paper investigates the potential systemic risks posed to the U.S. securities markets by the banking crisis during the Panic of 1907. Past studies of 1907 have focused almost exclusively on the banking crisis.
Review of Engineering the Financial Crisis: Systemic Risk and the Failure of Regulation by Jeffrey Friedman and Wladimir Kraus
Jeffrey Friedman and Wladamir Kraus attempt to separate the wheat from the chaff by sizing up these theories next to some hard facts. The result is enlightening.
Post-Modern Economics: The Return of Depression Economics by Paul Krugman
While damning the free market with the faintest of praise, Krugman’s book provides us with an excellent example of why it is so important to get the analysis right before prescribing policy solutions for an economic problem.
Reflexivity, Business Cycles, and the New Economy
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.
Austrian Business Cycle Theory in Light of Rational Expectations: The Role of Heterogeneity, the Monetary Footprint, and Adverse Selection in Monetary Expansion
We contribute to the debate over the contemporary relevance of the Austrian Business Cycle theory (ABC) by making three theoretical developments.
