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The Drama Revisited

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  • van den Hauwe, Ludwig

Abstract

Capital-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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File URL: http://mpra.ub.uni-muenchen.de/8688/
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File URL: http://mpra.ub.uni-muenchen.de/8821/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 8688.

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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
Handle: RePEc:pra:mprapa:8688

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Keywords: Business Cycle Theory;

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References

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  1. Sargent, Thomas J & Wallace, Neil, 1975. ""Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 83(2), pages 241-54, April.
  2. Lewin, Peter, 1997. "Rothbard and Mises on Interest: An Exercise in Theoretical Purity," Journal of the History of Economic Thought, Cambridge University Press, vol. 19(01), pages 141-159, March.
  3. Don Bellante & Roger W. Garrison, 1988. "Phillips Curves and Hayekian Triangles: Two Perspectives on Monetary Dynamics," History of Political Economy, Duke University Press, vol. 20(2), pages 207-234, Summer.
  4. White, Lawrence H, 1999. "Hayek's Monetary Theory and Policy: A Critical Reconstruction," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 31(1), pages 109-20, February.
  5. Ludwig van den Hauwe, 2005. "Constitutional economics," Public Economics 0508010, EconWPA, revised 19 Aug 2005.
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