IDEAS home Printed from https://ideas.repec.org/a/rau/journl/v7y2012i3p7-20.html
   My bibliography  Save this article

Testing Austrian Business Cycle Theory? A Second Rejoinder To Andrew Young

Author

Listed:
  • Robert P. Murphy

    (Mises Institute)

  • William Barnett II

    (Loyola University New Orleans)

  • Walter E. Block

    (Loyola University New Orleans)

Abstract

Young (2005) attempted to test Austrian Business Cycle Theory (ABCT). Murphy, Barnett and Block (hence, MBB, 2009) criticized Young (2005) on the ground that his model failed on its own terms. MBB (2009) found significantly different parameter estimates using the same data as did Young (2005). Beyond these serious objections, there is the more fundamental difficulty that Young’s approach, even if conducted flawlessly, would still be an improper “test” of ABCT. Young (2010) is a response to MBB (2009). The present paper is a rejoinder to Young (2010). We argue that Young (2010) was not an adequate response to MBB (2009) for the following reasons: tba

Suggested Citation

  • Robert P. Murphy & William Barnett II & Walter E. Block, 2012. "Testing Austrian Business Cycle Theory? A Second Rejoinder To Andrew Young," Romanian Economic Business Review, Romanian-American University, vol. 7(3), pages 7-20, September.
    • Handle: RePEc:rau:journl:v:7:y:2012:i:3:p:7-20
    as

    Download full text from publisher

    File URL: http://www.rebe.rau.ro/RePEc/rau/journl/FA12/REBE-FA12-A1.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Roger W. Garrison, 2004. "Overconsumption and Forced Saving in the Mises-Hayek Theory of the Business Cycle," History of Political Economy, Duke University Press, vol. 36(2), pages 323-349, Summer.
    2. repec:ucp:bkecon:9780226320625 is not listed on IDEAS
    3. Young, Andrew T., 2005. "Reallocating labor to initiate changes in capital structures: Hayek revisited," Economics Letters, Elsevier, vol. 89(3), pages 275-282, December.
    4. Hoppe Hans-Hermann, 1991. "Austrian Rationalism In The Age Of The Decline Of Positivism," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 2(2-3), pages 243-268, June.
    5. Buchanan, James M., 1979. "Cost and Choice," University of Chicago Press Economics Books, University of Chicago Press, number 9780226078182, December.
    6. Milton Friedman, 2001. "Friedman on Friedman," Rivista di storia economica, Società editrice il Mulino, issue 1, pages 127-132.
    7. William N. Butos & Roger G. Koppl, 1995. "The Varieties of Subjectivism: Keynes and Hayek on Expectations," Method and Hist of Econ Thought 9505001, University Library of Munich, Germany, revised 17 May 1995.
    8. Murray N. Rothbard, 1997. "The Logic of Action One," Books, Edward Elgar Publishing, number 968.
    9. Andrew Young, 2011. "Illustrating the importance of Austrian business cycle theory: A reply to Murphy, Barnett, and Block; A call for quantitative study," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 24(1), pages 19-28, March.
    10. Don Bellante & Roger W. Garrison, 1988. "Phillips Curves and Hayekian Triangles: Two Perspectives on Monetary Dynamics," History of Political Economy, Duke University Press, vol. 20(2), pages 207-234, Summer.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. 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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. 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.
    2. Walter Block, 2010. "Rejoinder To Boettke On Coasean Economics And Communism," Romanian Economic Business Review, Romanian-American University, vol. 5(3), pages 9-30, September.
    3. Tito Belchior Silva Moreira & Benjamin Miranda Tabak & Mario Jorge Mendonça & Adolfo Sachsida, 2016. "An Evaluation of the Non-Neutrality of Money," PLOS ONE, Public Library of Science, vol. 11(3), pages 1-20, March.
    4. William J. Luther & J. P. McElyea, 2018. "Austrian Macroeconomics in Search of Its Uniqueness," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 33(Summer 20), pages 1-20.
    5. Walter E. Block & William Barnett, 2017. "Maturity Mismatching and “Market Failure”," Journal of Business Ethics, Springer, vol. 142(2), pages 313-323, May.
    6. Robert F. Mulligan, 2015. "Roger W. Garrison and the Integration of Austrian and Mainstream Macroeconomics," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 30(Winter 20), pages 59-79.
    7. Martin Komrska, 2015. "Rakouská teorie hospodářského cyklu: VAR analýza pro USA v letech 1978-2013 [The Austrian Business Cycle Theory: VAR Analysis for USA between 1978-2013]," Politická ekonomie, Prague University of Economics and Business, vol. 2015(1), pages 57-73.
    8. Andrew Young, 2012. "The time structure of production in the US, 2002–2009," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 25(2), pages 77-92, June.
    9. Robert Lester & Jonathan Wolff, 2013. "The empirical relevance of the Mises-Hayek theory of the trade cycle," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 26(4), pages 433-461, December.
    10. Ioana Negru, 2013. "Revisiting the Concept of Schools of Thought in Economics: The Example of the Austrian School," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(4), pages 983-1008, October.
    11. Calcagno, Peter T. & Hall, Joshua C. & Lawson, Robert A., 2010. "Objectivism versus subjectivism: A market test," Journal of Economic Behavior & Organization, Elsevier, vol. 76(2), pages 445-448, November.
    12. Cannon Michael F., 2008. "Large Health Savings Accounts: A Step toward Tax Neutrality for Health Care," Forum for Health Economics & Policy, De Gruyter, vol. 11(2), pages 1-29, March.
    13. Gunther Schnabl, 2012. "Monetary Policy Reform in a World of Central Banks," Global Financial Markets Working Paper Series 26-2012, Friedrich-Schiller-University Jena.
    14. Schnabl, Gunther, 2013. "The global move into the zero interest rate and high debt trap," Working Papers 121, University of Leipzig, Faculty of Economics and Management Science.
    15. Ronny Klein, 2004. "Ansparen von Selbstbeteiligung in der Krankenversicherung?," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 73(4), pages 510-521.
    16. Chatelain, Jean-Bernard & Ralf, Kirsten, 2018. "Publish and Perish: Creative Destruction and Macroeconomic Theory," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 46(2), pages 65-101.
    17. Michael D. Bordo & Anna J. Schwartz, 2004. "IS-LM and Monetarism," History of Political Economy, Duke University Press, vol. 36(5), pages 217-239, Supplemen.
    18. Lars Jonung & Eoin Drea, 2010. "It Can't Happen, It's a Bad Idea, It Won't Last: U.S. Economists on the EMU and the Euro, 1989–2002," Econ Journal Watch, Econ Journal Watch, vol. 7(1), pages 1-4–52, January.
    19. Hoffmann, Andreas & Schnabl, Gunther, 2016. "Monetary policies of industrial countries, emerging market credit cycles and feedback effects," Journal of Policy Modeling, Elsevier, vol. 38(5), pages 855-873.
    20. Bennett T. McCallum, 2007. "Monetary Policy in East Asia: The Case of Singapore," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 25(S1), pages 13-28, December.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rau:journl:v:7:y:2012:i:3:p:7-20. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Alex Tabusca (email available below). General contact details of provider: https://edirc.repec.org/data/ferauro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.