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Summer 2018
ISSN 0890-913X
Volume 33, Number 2

Austrian Macroeconomics in Search of Its Uniqueness

William J. Luther , Kenyon College
J. P. McElyea, comScore, Inc.
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/index.php?action=ajax&rs=GDMgetPage&rsargs[]=2018 Journal of Private Enterprise Vol 33 No 2 Summer parte1.pdf&rsargs[]=0
TheJournalofPrivateEnterprise33(2),2018,120AustrianMacroeconomicsinSearchofItsUniquenessWilliamJ.LutherKenyonCollegeJ.P.McElyeacomScore,Inc.______________________________________________________AbstractWeconsidertheessentialfeaturesofanAustrianmacroeconomicmodelandthenaskwhetherthesefeaturesareunique.Wearguethatthetemporalaspectofthestructureofproductionisnotanessentialfeature.Malinvestmentsinanydimension(e.g.,time,geography,type,etc.)cangeneratethepredictedboom-bustcyclesolongastherearecoststoreallocation.However,theviewthatnominalshockshavelong-termconsequencesbecausecostsareincurredtoremedypastmistakesisnotuniquelyAustrian.Inparticular,wenotesimilaritieswiththeNewKeynesiannotionofhysteresis.______________________________________________________JELCodes:B53,E10,E14,E30,E32Keywords:Austrianbusinesscycle,Austrianmacroeconomics,businesscycle,macroeconomics,macroeconomicfluctuationI.IntroductionAustrianmacroeconomicsisexperiencingarevival.SomescholarshaveusedtheAustrianbusinesscycletheorytoexplaintheGreatRecession(ODriscoll2009;White2009;BoettkeandLuther2010;HorwitzandLuther2011;Koppl2014).OthershaveemployedAustrianinsightstoconsidertheeffectivenessofmonetaryandmacroprudentialpolicies(Garrison2009;White2010;Selgin2010;Salter2016;SalterandSmith2017;SalterandTarko2017).Moreover,asKopplandLuther(2012)andCachanoskyandSalter(2017)makeclear,theseeffortshavenotbeenlimitedtoself-ascribedAustrians.Giventherenewedinterest,weconsidertheessentialfeaturesofanAustrianmacroeconomicmodelandthenaskwhetherthesefeaturesareunique.Wearguethatthetemporalaspectofthe
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