The Drama Revisited
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.
|Date of creation:||Jun 2000|
|Publication status:||Published in The Quarterly Journal of Austrian Economics No. 2 (Summer).Vol. 3(2000): pp. 63-79|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
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- Sheffrin,Steven M., 1996.
Cambridge University Press, number 9780521474009, December.
- 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 241-254, April.
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- 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.
- JÃ¼rgen G. Backhaus (ed.), 1999. "The Elgar Companion to Law and Economics," Books, Edward Elgar Publishing, number 1179.
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