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Hayek’s Theory of Business Cycles: A Theory That Will Remain Obscure?

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  • Simon Bilo

    (Arlington, VA)

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  • Simon Bilo, 2021. "Hayek’s Theory of Business Cycles: A Theory That Will Remain Obscure?," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 36(Fall 2021), pages 27-47.
    • Handle: RePEc:jpe:journl:1790
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    References listed on IDEAS

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    5. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-1370, November.
    6. Hayek, F. A., 2012. "Hayek on Hayek," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226321202 edited by Kresge, Stephen & Wenar, Leif, October.
    7. Lawrence H. White, 2009. "Federal Reserve Policy and the Housing Bubble," Cato Journal, Cato Journal, Cato Institute, vol. 29(1), pages 115-125, Winter.
    8. Alexander W. Salter & William J. Luther, 2016. "The Optimal Austrian Business Cycle Theory," Advances in Austrian Economics, in: Studies in Austrian Macroeconomics, volume 20, pages 45-60, Emerald Group Publishing Limited.
    9. White, Lawrence H, 1999. "Hayek's Monetary Theory and Policy: A Critical Reconstruction," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 31(1), pages 109-120, February.
    10. Gottfried Haberler, 1986. "Reflections on Hayek's Business Cycle Theory," Cato Journal, Cato Journal, Cato Institute, vol. 6(2), pages 421-435, Fall.
    11. Lawrence H. White, 2008. "Did Hayek and Robbins Deepen the Great Depression?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(4), pages 751-768, June.
    12. Lucas, Robert E., 1977. "Understanding business cycles," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 5(1), pages 7-29, January.
    13. David Laidler, 2003. "The Price Level, Relative Prices, and Economic Stability: Aspects of the Inter-War Debate," University of Western Ontario, Departmental Research Report Series 200310, University of Western Ontario, Department of Economics.
    14. Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, vol. 12(3), pages 383-398, September.
    15. Peter Lewin & Nicolas Cachanosky, 2016. "A financial framework for understanding macroeconomic cycles," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 8(2), pages 268-280, May.
    16. Laidler,David, 1999. "Fabricating the Keynesian Revolution," Cambridge Books, Cambridge University Press, number 9780521641739, October.
    17. Avinash K. Dixit & Robert S. Pindyck, 1994. "Investment under Uncertainty," Economics Books, Princeton University Press, edition 1, number 5474.
    18. Francis Bismans & Christelle Mougeot, 2009. "Austrian business cycle theory: Empirical evidence," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 22(3), pages 241-257, September.
    19. Balke, Nathan S. & Wynne, Mark A., 2007. "The relative price effects of monetary shocks," Journal of Macroeconomics, Elsevier, vol. 29(1), pages 19-36, March.
    20. Grossman, Sanford & Weiss, Laurence, 1983. "A Transactions-Based Model of the Monetary Transmission Mechanism," American Economic Review, American Economic Association, vol. 73(5), pages 871-880, December.
    21. Nicolás Cachanosky & Peter Lewin, 2016. "An empirical application of the EVA® framework to business cycles," Review of Financial Economics, John Wiley & Sons, vol. 30(1), pages 60-67, September.
    22. Todd E. Clark, 1999. "The Responses Of Prices At Different Stages Of Production To Monetary Policy Shocks," The Review of Economics and Statistics, MIT Press, vol. 81(3), pages 420-433, August.
    23. Guillermo Calvo, 2013. "Puzzling over the Anatomy of Crises: Liquidity and the Veil of Finance," IMES Discussion Paper Series 13-E-09, Institute for Monetary and Economic Studies, Bank of Japan.
    24. Nicolás Cachanosky & Peter Lewin, 2016. "Financial Foundations of Austrian Business Cycle Theory," Advances in Austrian Economics, in: Studies in Austrian Macroeconomics, volume 20, pages 15-44, Emerald Group Publishing Limited.
    25. N. Cachanosky & P. Lewin, 2014. "Roundaboutness is Not a Mysterious Concept: A Financial Application to Capital Theory," Review of Political Economy, Taylor & Francis Journals, vol. 26(4), pages 648-665, October.
    26. Borio, Claudio, 2014. "The financial cycle and macroeconomics: What have we learnt?," Journal of Banking & Finance, Elsevier, vol. 45(C), pages 182-198.
    27. Barry Eichengreen & Kris J. Mitchener, 2004. "The Great Depression As A Credit Boom Gone Wrong," Research in Economic History, in: Research in Economic History, pages 183-237, Emerald Group Publishing Limited.
    28. Roger W. Garrison, 1986. "Hayekian Trade Cycle Theory: A Reappraisal," Cato Journal, Cato Journal, Cato Institute, vol. 6(2), pages 437-459, Fall.
    29. William Luther & Mark Cohen, 2014. "An Empirical Analysis of the Austrian Business Cycle Theory," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 42(2), pages 153-169, June.
    30. Young, Andrew T., 2005. "Reallocating labor to initiate changes in capital structures: Hayek revisited," Economics Letters, Elsevier, vol. 89(3), pages 275-282, December.
    31. Guillermo A. Calvo, 2013. "The Mayekawa Lecture: Puzzling over the Anatomy of Crises- Liquidity and the Veil of Finance," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 31, pages 39-64, November.
    32. Wagner, Richard E, 1999. "Austrian Cycle Theory: Saving the Wheat While Discarding the Chaff," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 12(1), pages 65-80.
    33. Keeler, James P, 2001. "Empirical Evidence on the Austrian Business Cycle Theory," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 14(4), pages 331-351, December.
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    More about this item

    Keywords

    Austrian business cycle theory; rational expectations hypothesis; F. A. Hayek;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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