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Austrian Macroeconomics in Search of Its Uniqueness

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  • William J. Luther

    (Florida Atlantic Univeristy)

  • J. P. McElyea

    (comScore, Inc.)

Abstract

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Suggested Citation

  • William J. Luther & J. P. McElyea, 2018. "Austrian Macroeconomics in Search of Its Uniqueness," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 33(Summer 20), pages 1-20.
    • Handle: RePEc:jpe:journl:1475
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    References listed on IDEAS

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    15. Don Bellante, 1994. "Labor economics," Chapters, in: Peter J. Boettke (ed.), The Elgar Companion to Austrian Economics, chapter 37, Edward Elgar Publishing.
    16. N. Cachanosky & P. Lewin, 2014. "Roundaboutness is Not a Mysterious Concept: A Financial Application to Capital Theory," Review of Political Economy, Taylor & Francis Journals, vol. 26(4), pages 648-665, October.
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    18. Olivier Blanchard, 2006. "European unemployment: the evolution of facts and ideas [‘The macroeconomics of low inflation’]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 21(45), pages 6-59.
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    23. Nicolas Cachanosky, 2015. "Expectation in Austrian business cycle theory: Market share matters," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 28(2), pages 151-165, June.
    24. William J. Luther & Mark Cohen, 2016. "On the Empirical Relevance of the Mises–Hayek Theory of the Trade Cycle," Advances in Austrian Economics, in: Studies in Austrian Macroeconomics, volume 20, pages 79-103, Emerald Group Publishing Limited.
    25. Garrison, Roger W., 1984. "Time and money: The universals of macroeconomic theorizing," Journal of Macroeconomics, Elsevier, vol. 6(2), pages 197-213.
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    27. Laurence Ball, 1999. "Aggregate demand and Long-Run Unemployment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 30(2), pages 189-252.
    28. Lawrence H. White, 2009. "Federal Reserve Policy and the Housing Bubble," Cato Journal, Cato Journal, Cato Institute, vol. 29(1), pages 115-125, Winter.
    29. William Luther & Alexander Salter, 2012. "Monetary equilibrium and price stickiness reconsidered: A reply to Bagus and Howden," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 25(3), pages 263-269, September.
    30. Paul Grauwe, 2010. "The scientific foundation of dynamic stochastic general equilibrium (DSGE) models," Public Choice, Springer, vol. 144(3), pages 413-443, September.
    31. Cross, Rod, 1993. "On the Foundations of Hysteresis in Economic Systems," Economics and Philosophy, Cambridge University Press, vol. 9(1), pages 53-74, April.
    32. Peter Lewin & Nicolas Cachanosky, 2016. "A financial framework for understanding macroeconomic cycles," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 8(2), pages 268-280, May.
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    34. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
    35. Alexander W. Salter & Daniel J. Smith, 2017. "What You Don'T Know Can Hurt You: Knowledge Problems In Monetary Policy," Contemporary Economic Policy, Western Economic Association International, vol. 35(3), pages 505-517, July.
    36. Alexander William Salter, 2017. "Playing at markets: A New Austrian perspective on macroeconomic policy," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 30(1), pages 39-49, March.
    37. Braun, Eduard & Lewin, Peter & Cachanosky, Nicolás, 2016. "Ludwig von Mises's approach to capital as a bridge between Austrian and institutional economics," Journal of Institutional Economics, Cambridge University Press, vol. 12(4), pages 847-866, December.
    38. Andrew Young, 2011. "Illustrating the importance of Austrian business cycle theory: A reply to Murphy, Barnett, and Block; A call for quantitative study," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 24(1), pages 19-28, March.
    39. Lawrence H. White, 2010. "The Rule of Law or the Rule of Central Bankers?," Cato Journal, Cato Journal, Cato Institute, vol. 30(3), pages 451-463, Fall.
    40. Laurence M. Ball, 2009. "Hysteresis in Unemployment: Old and New Evidence," NBER Working Papers 14818, National Bureau of Economic Research, Inc.
    41. Hargreaves Heap, S P, 1980. "Choosing the Wrong 'Natural' Rate: Accelerating Inflation or Decelerating Employment and Growth?," Economic Journal, Royal Economic Society, vol. 90(359), pages 611-620, September.
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    Citations

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    Cited by:

    1. William Luther & Mark Cohen, 2014. "An Empirical Analysis of the Austrian Business Cycle Theory," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 42(2), pages 153-169, June.
    2. Anthony J. Evans & Nicolás Cachanosky & Robert Thorpe, 2022. "The upper turning point in the Austrian business cycle theory," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 35(1), pages 89-97, March.
    3. Nicolás Cachanosky, 2021. "Microfoundations and macroeconomics: 20 years," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 34(2), pages 279-288, June.
    4. Nicolás Cachanosky, 0. "Microfoundations and macroeconomics: 20 years," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 0, pages 1-10.
    5. William J. Luther, 2021. "Two paths forward for Austrian macroeconomics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 34(2), pages 289-297, June.
    6. Nicolás Cachanosky & Bryan P. Cutsinger & Thomas L. Hogan & William J. Luther & Alexander W. Salter, 2021. "The Federal Reserve's response to the COVID‐19 contraction: An initial appraisal," Southern Economic Journal, John Wiley & Sons, vol. 87(4), pages 1152-1174, April.

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    More about this item

    Keywords

    Austrian business cycle; Austrian macroeconomics; business cycle; macroeconomics; macroeconomic fluctuation;
    All these keywords.

    JEL classification:

    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • E14 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Austrian; Evolutionary; Institutional
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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