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Full Description
The US housing bubble and the ensuing financial crisis and recession, as well as the ongoing slow recovery, have prompted a renewal of interest in the business cycle theory associated with the Austrian school of economics. Over the last thirty years, Austrian economists have extended and refined that theory while also deploying Austrian insights in other areas of monetary theory and macroeconomics. In this volume, a number of macroeconomists influenced by the Austrian school demonstrate its explanatory power by applying those ideas to a variety of historical and contemporary issues. Several of the papers focus on the differences between the US and Canadian experiences during the early 21st century, while other contributors offer critical extensions of Austrian monetary and business cycle theory. The volume also includes empirical applications to the housing boom and bust, and several papers consider the place of Austrian macroeconomics within the school's approach to political economy and public policy more generally. "Studies in Austrian Macroeconomics" shows the breadth and depth of modern macroeconomics in the Austrian tradition.
Contents
Introduction: Money, Cycles, and Crises in the United States and Canada - Steven Horwitz
PART I: AUSTRIAN MONETARY AND BUSINESS CYCLE THEORY
Financial Foundations of Austrian Business Cycle Theory - Nicolas Cachanosky and Peter Lewin
The Optimal Austrian Business Cycle Theory - Alexander W. Salter and William J. Luther
Hayek on the Neutrality of Money - Steven Horwitz
On the Empirical Relevance of the Mises-Hayek Theory of the Trade Cycle - William J. Luther and Mark Cohen
Expansionary Monetary Policy at the Federal Reserve in the 1920s - Patrick Newman
PART II: THE US AND CANADIAN EXPERIENCE COMPARED
The Political Regime Factor in Austrian Business Cycle Theory: Historically Accounting for the US and Canadian Experiences of the 2007-2009 Financial Crisis - George Bragues
An Empirical Comparison of Canadian-American Business Cycle Fluctuations with Special Reference to the Phillips Curve - Robert F. Mulligan
Canadian Versus US Mortgage Markets: a Comparative Study from an Austrian Perspective - Andrew T. Young
PART III: THE POLITICAL ECONOMY OF REGULATION AND CRISIS
Banking Regulation and Knowledge Problems - Thomas L. Hogan and G. P. Manish
The Comparative Political Economy of a Crisis - Peter J. Boettke and Liya Palagashvili
Policy Design and Execution in a Complex World: Can We Learn from the Financial Crisis? - Peter Lewin
