IDEAS home Printed from
   My bibliography  Save this article

Testing Austrian Business Cycle Theory? A Second Rejoinder To Andrew Young


  • Robert P. Murphy

    () (Mises Institute)

  • William Barnett II

    () (Loyola University New Orleans)

  • Walter E. Block

    () (Loyola University New Orleans)


Young (2005) attempted to test Austrian Business Cycle Theory (ABCT). Murphy, Barnett and Block (hence, MBB, 2009) criticized Young (2005) on the ground that his model failed on its own terms. MBB (2009) found significantly different parameter estimates using the same data as did Young (2005). Beyond these serious objections, there is the more fundamental difficulty that Young’s approach, even if conducted flawlessly, would still be an improper “test” of ABCT. Young (2010) is a response to MBB (2009). The present paper is a rejoinder to Young (2010). We argue that Young (2010) was not an adequate response to MBB (2009) for the following reasons: tba

Suggested Citation

  • Robert P. Murphy & William Barnett II & Walter E. Block, 2012. "Testing Austrian Business Cycle Theory? A Second Rejoinder To Andrew Young," Romanian Economic Business Review, Romanian-American University, vol. 7(3), pages 7-20, September.
  • Handle: RePEc:rau:journl:v:7:y:2012:i:3:p:7-20

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. William N. Butos & Roger G. Koppl, 1995. "The Varieties of Subjectivism: Keynes and Hayek on Expectations," Method and Hist of Econ Thought 9505001, University Library of Munich, Germany, revised 17 May 1995.
    2. Young, Andrew T., 2005. "Reallocating labor to initiate changes in capital structures: Hayek revisited," Economics Letters, Elsevier, vol. 89(3), pages 275-282, December.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    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.


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rau:journl:v:7:y:2012:i:3:p:7-20. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Alex Tabusca). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.