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The U.S. Monetary Policies Against the Great Recession of 2008: A Critique from the Deflationist Viewpoint of the Austrian School

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  • Fillieule Renaud

    (Faculté des sciences économiques et sociales, Université de Lille, CLERSÉ (UMR 8019), 59655 Villeneuve d’Ascq, France)

Abstract

Monetary and credit expansions have been the main tools used by the U.S. government and central bank to try and recover economically from the Great Recession of 2008. This paper expounds a radical criticism of these Keynesian policies, criticism developed by some contemporary economists of the Austrian School: the appropriate and fair remedy for this kind of crisis is not reflation but deflation.

Suggested Citation

  • Fillieule Renaud, 2016. "The U.S. Monetary Policies Against the Great Recession of 2008: A Critique from the Deflationist Viewpoint of the Austrian School," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 22(1), pages 99-111, July.
    • Handle: RePEc:bpj:jeehcn:v:22:y:2016:i:1:p:99-111:n:2
    DOI: 10.1515/jeeh-2016-0007
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    References listed on IDEAS

    as
    1. Lawrence H. White, 2008. "Did Hayek and Robbins Deepen the Great Depression?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 40(4), pages 751-768, June.
    2. Selgin, George & Lastrapes, William D. & White, Lawrence H., 2012. "Has the Fed been a failure?," Journal of Macroeconomics, Elsevier, vol. 34(3), pages 569-596.
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    More about this item

    Keywords

    Great Recession; monetary policy; deflation; Austrian School of Economics;
    All these keywords.

    JEL classification:

    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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