The Drama Revisited
AbstractCapital-based business cycle theory identifies monetary mismanagement as a major source of economy-wide distortions in the intertemporal allocation of resources by focusing on the relative-price effects - and the corresponding quantity adjustments - of a monetary disturbance, as compared to tracking the movements in macroeconomic aggregates that conceal those relative-price effects. It thus gives us a superior understanding of the real coupling between the short-run and the long-run macroeconomic pictures and of the nature of business cycles.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 8688.
Date of creation: Jun 2000
Date of revision:
Publication status: Published in The Quarterly Journal of Austrian Economics No. 2 (Summer).Vol. 3(2000): pp. 63-79
Business Cycle Theory;
Find related papers by JEL classification:
- E00 - Macroeconomics and Monetary Economics - - General - - - General
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