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Testing Times For Central Banks – Is There Room For Austrian Ideas At The Top Table?

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  • Anthony J. Evans
  • Toby Baxendale

Abstract

Central banks are facing an unprecedented test in the wake of the credit crisis. We briefly outline prevailing theoretical frameworks and argue that central bankers effectively have a choice between three separate frameworks: Vienna, Cambridge and Chicago. Despite Austrian economics being the least acknowledged we survey increasing exposure in mainstream media, suggesting a role for a more explicit use. We provide implications for policy‐makers and claim that Austrian ideas have a place at the top table of policy debate.

Suggested Citation

  • Anthony J. Evans & Toby Baxendale, 2008. "Testing Times For Central Banks – Is There Room For Austrian Ideas At The Top Table?," Economic Affairs, Wiley Blackwell, vol. 28(4), pages 36-41, December.
    • Handle: RePEc:bla:ecaffa:v:28:y:2008:i:4:p:36-41
    DOI: 10.1111/j.1468-0270.2008.00869.x
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    References listed on IDEAS

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    1. George W. Stadler, 1994. "Real Business Cycles," Journal of Economic Literature, American Economic Association, vol. 32(4), pages 1750-1783, December.
    2. Jeffrey A. Frankel, 2008. "The Effect of Monetary Policy on Real Commodity Prices," NBER Chapters, in: Asset Prices and Monetary Policy, pages 291-333, National Bureau of Economic Research, Inc.
    3. Graham Dawson, 2008. "Binge Borrowers Or Rational Consumers? The Fsa And Government Failure," Economic Affairs, Wiley Blackwell, vol. 28(1), pages 60-62, March.
    4. William R. White, 2006. "Is price stability enough?," BIS Working Papers 205, Bank for International Settlements.
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    Cited by:

    1. Andreea Gradinaru, 2013. "Implications Of The Economic And Financial Crisis In South-East Europe," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 5(2), pages 216-226.

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