Show or hide comments about the document.
Search over the document's text.
Share the document through social networks or e-mail.
After selecting an area on the page.
...you can:
copy the text
share the segment
comment
cite the document

Summer 2018

ISSN 0890-913X

Volume 33, Number 2

Categories: Summer 2018 | Macroeconomics

Austrian Macroeconomics in Search of Its Uniqueness

William J. Luther, Florida Atlantic Univeristy

J. P. McElyea, comScore, Inc.

Download

e-mail

<< Back to editing
Previous version by
<< Older
Newer >>
Revert to this one

Edit
Cancel
Fullscreen

Show comments
Zoom:
Page: / 20

Line spacing:
Word spacing:

Search:FindClose

search results

TheJournalofPrivateEnterprise33(2),2018,1–20AustrianMacroeconomicsinSearchofItsUniquenessWilliamJ.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(O’Driscoll2009;White2009;BoettkeandLuther2010;HorwitzandLuther2011;Koppl2014).OthershaveemployedAustrianinsightstoconsidertheeffectivenessofmonetaryandmacroprudentialpolicies(Garrison2009;White2010;Selgin2010;Salter2016;SalterandSmith2017;SalterandTarko2017).Moreover,asKopplandLuther(2012)andCachanoskyandSalter(2017)makeclear,theseeffortshavenotbeenlimitedtoself-ascribedAustrians.Giventherenewedinterest,weconsidertheessentialfeaturesofanAustrianmacroeconomicmodelandthenaskwhetherthesefeaturesareunique.Wearguethatthetemporalaspectofthe

GLIFOS-digital_archive

Metadata [hide]

Title	Austrian Macroeconomics in Search of Its Uniqueness
Authors/Creators:	William J. Luther, Florida Atlantic Univeristy J. P. McElyea, comScore, Inc.
Year:	2018
Volume:	33
Number:	2
Pages:	1 - 20
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Austrian business cycle, Austrian macroeconomics, business cycle, macroeconomics, macroeconomic fluctuation

Citation:
Luther, William J.; McElyea, J. P. / 2018. "Austrian Macroeconomics in Search of Its Uniqueness." The Journal of Private Enterprise, 33(2): 1-20.