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

The Role of Capital Structure in Austrian Business Cycle Theory

Nicolás Cachanosky, Metropolitan State University of Denver
Peter Lewin, University of Texas at Dallas
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/index.php?action=ajax&rs=GDMgetPage&rsargs[]=2018 Journal of Private Enterprise Vol 33 No 2 Summer parte2.pdf&rsargs[]=0
TheJournalofPrivateEnterprise33(2),2018,2132TheRoleofCapitalStructureinAustrianBusinessCycleTheoryNicolásCachanoskyMetropolitanStateUniversityofDenverPeterLewinUniversityofTexasatDallas______________________________________________________AbstractWearguethattheapplicationoffinancialanalysis,especiallythatofduration,clarifiesandsupportstheapplicationoftheaverageperiodofproductioninAustrianbusinesscycletheory.WealsosuggestthatthefocusintherecentABCTliteratureshouldbemoreontheaverageperiodofproductionandlessonthestagesofproductionasdepictedinHayekstriangleinRogerGarrisonsmodel.______________________________________________________JELCodes:B22,B25,E14,E32Keywords:Austrianbusinesscycletheory,ABCT,Cantilloneffect,rationalbehavior,RogerGarrisonI.IntroductionRecentyearshaveseenaninterestingturnintheAustrianbusinesscycletheory(ABCT)literature.Ontheonehand,therehasbeenanincreasedinterestinandendorsementoftheABCTfromnon-Austriansasavalidtheorytoexplaincrisessuchastheonethatoccurredin200708(CachanoskyandSalter2016).Ontheotherhand,AustrianshaveraisedquestionsaboutthesoundnessandevennecessityofusingthestructureofproductionconstructintheABCT.Forinstance,SalterandLuther(2016,p.52)suggestthatwhetherthesemalinvestments[inducedbyacreditexpansion]conformtothespecificdistortionsofthetimestructureofproductiondiscussedinthetraditionalABCTisirrelevantinourview.Anyinvestmentininappropriateprojectswilldo(emphasisadded).Inourview,theABCTnotonlyshedslightontheeventsbuildinguptothe200708financialcrisis,butthestructureofproductioncanalsobereframedinawaythat(1)solvestheoreticalproblemsand(2)providesthechangeinrelativepricesthatproducesthespecificdistortionsofthetimestructureofproductiondiscussedinthe
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