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The Drama Revisited

Author

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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.

Suggested Citation

  • van den Hauwe, Ludwig, 2000. "The Drama Revisited," MPRA Paper 8688, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:8688
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    File URL: https://mpra.ub.uni-muenchen.de/8688/1/MPRA_paper_8688.pdf
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    File URL: https://mpra.ub.uni-muenchen.de/8821/1/MPRA_paper_8821.pdf
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    References listed on IDEAS

    as
    1. J├╝rgen G. Backhaus (ed.), 1999. "The Elgar Companion to Law and Economics," Books, Edward Elgar Publishing, number 1179.
    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. Ludwig van den Hauwe, 2005. "Constitutional economics," Public Economics 0508010, EconWPA, revised 22 Dec 2005.
    4. Sheffrin,Steven M., 1996. "Rational Expectations," Cambridge Books, Cambridge University Press, number 9780521479394.
    5. 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 109-120, February.
    6. 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.
    7. 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.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Business Cycle Theory;

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General

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