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Austrian business cycle theory

In: A Modern Guide to Austrian Economics

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  • Jonathan R. Newman
  • Arkadiusz SieroäÑ

Abstract

We examine the trends that have emerged in academic literature on Austrian business cycle theory (ABCT) since the 2007-2008 financial crisis. ABCT was developed in the context of closed economies, the classical gold standard, and banking practices that have changed since then. Recent research has brought ABCT in line with modern economies and has defended ABCT against various critiques and misconceptions of the theory. We consider research trends on (1) new banking practices and other financial sector developments, (2) the rational expectations critique, (3) the real aspects of business cycles, and (4) international spillovers and synchronization of business cycles. While reviewing each area, we make some remarks about where future research can address open questions, fill gaps, or otherwise support and extend current research.

Suggested Citation

  • Jonathan R. Newman & Arkadiusz SieroäÑ, 2022. "Austrian business cycle theory," Chapters, in: Per L. Bylund (ed.), A Modern Guide to Austrian Economics, chapter 14, pages 257-282, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:19135_14
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    Keywords

    Economics and Finance;

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