LEADER 07903nam 2200601Ia 450 001 9910809581803321 005 20160531091252.0 010 $a1-78635-273-7 035 $a(CKB)3710000000685574 035 $a(EBL)4529656 035 $a(MiAaPQ)EBC4529656 035 $a(Au-PeEL)EBL4529656 035 $a(CaPaEBR)ebr11281906 035 $a(CaONFJC)MIL923959 035 $a(OCoLC)949930305 035 $a(UtOrBLW)ovld001900071 035 $a(EXLCZ)993710000000685574 100 $a20160531d2016 uy 0 101 0 $aeng 135 $aurun||||||||| 181 $2rdacontent 182 $2rdamedia 183 $2rdacarrier 200 00$aStudies in Austrian macroeconomics /$fedited by Roger Koppl and Steven Horwitz 205 $aFirst edition. 210 1$aUnited Kingdom :$cEmerald,$d2016. 210 4$d©2016 215 $a1 online resource (297 p.) 225 1 $aAdvances in Austrian economics,$x1529-2134 ;$vv. 20 300 $aDescription based upon print version of record. 311 $a1-78635-274-5 320 $aIncludes bibliographical references. 327 $aFront Cover -- Studies in Austrian Macroeconomics -- Copyright page -- Contents -- List of Contributors -- About the Contributors -- Introduction: Money, Cycles, and Crises in the United States and Canada -- Notes -- References -- Part I: Austrian Monetary and Business Cycle Theory -- Financial Foundations of Austrian Business Cycle Theory -- Introduction -- Why a Financial Application to the ABCT? -- Roundaboutness as Financial Duration -- Roundaboutness and APP: Böhm-Bawerk, Hayek, and Hicks -- Roundaboutness and Duration -- A Financial Application to the ABCT -- ABCT in General -- Project Rankings are Affected by Changes in the Discount Rate -- Aggregate Roundaboutness -- Applied Cases of the ABCT and Variations on a Theme -- Further Extensions to the ABCT -- Inflation and Cantillon Effects -- Roundaboutness and Risk -- Concluding Remarks -- Notes -- References -- Appendix A: Duration and Hayek's Triangle -- Appendix B: Duration and Convexity -- The Optimal Austrian Business Cycle Theory -- Introduction -- Traditional ABCT and Our Point of Departure -- Rational Expectations and Systematic Errors -- Optimal Resource Reallocation -- Conclusion -- Notes -- References -- Hayek on the Neutrality of Money -- Hayek on Money, Prices, and the Price Level -- Varying Concepts of Neutral Money -- Neutral Money and Monetary Institutions -- Conclusion -- Notes -- Acknowledgments -- References -- On the Empirical Relevance of the Mises-Hayek Theory of the Trade Cycle -- Introduction -- Reviewing the Data -- Stages of Process and the Structure of Production -- Industrial Production -- Producer Price Index -- Empirical Analysis -- Conclusion -- Notes -- Acknowledgments -- References -- Expansionary Monetary Policy at the Federal Reserve in the 1920s -- Introduction -- Literature Review -- Monetary Figures -- The Factors behind the Expansion. 327 $aThe Increase in the Money Multiplier -- The Increase in Total Bank Reserves -- Conclusion -- Notes -- Acknowledgments -- References -- 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 ... -- Introduction -- ABCT'S Opening to Political Regime Analysis -- The Regime Framing of Finance -- Two Arcs of Financial Development -- Conclusion -- Notes -- Acknowledgment -- References -- An Empirical Comparison of Canadian-American Business Cycle Fluctuations with Special Reference to the Phillips Curve -- Introduction -- Data -- Empirical Results -- Augmented Dickey-Fuller (ADF) Tests for Unit Roots and Stationarity -- Determination of Optimal Lag-Length -- Likelihood Ratio Tests of Restrictions, Block Exogeneity, and Granger Causality -- Cointegration Tests -- VAR Impulse Response Functions -- Expanded VAR Estimates with Seasonal Dummies -- Discussion -- Conclusion -- Acknowledgments -- References -- Canadian versus US Mortgage Markets: A Comparative Study from an Austrian Perspective -- Introduction -- Government Involvement in US and Canadian Mortgage Markets -- US Entanglement versus Canadian Sclerosis -- Entangled Political Economy: Fannie and Freddie in the United States -- "Boring but Effective": The Sclerotic Canadian Mortgage Market -- Conclusions -- Notes -- Acknowledgment -- References -- Part III: The Political Economy of Regulation and Crisis -- Banking Regulation and Knowledge Problems -- Introduction -- Basel RBC Regulation -- Origins of Basel Regulations -- How RBC Regulation Works -- RBC and Financial Crises -- Hayekian Knowledge Problems -- Knowledge and Individual Decision-Making -- RBC Regulation as a Knowledge Problem -- Regulation since the Crisis -- Recent Changes in RBC Regulations. 327 $aNew Regulations and the Knowledge Problem -- Conclusion -- Notes -- Acknowledgments -- References -- The Comparative Political Economy of a Crisis -- Introduction -- The Anatomy of the Financial Crisis -- Tacit Presuppositions and the Game of Political Economy -- Case 1: Trusting Citizens with a Capable, but Insincere Government -- Case 2: Trusting Citizens with a Sincere, but Incapable Government -- Case 3: Trusting Citizens with a Sincere and Capable Government -- Case 4: Distrusting Citizens with a Sincere and Capable Government -- Extraordinary Measures amidst an Extraordinary Crisis -- Long-Run Costs of Short-Run Relief Programs -- Conclusion -- Notes -- Acknowledgments -- References -- Policy Design and Execution in a Complex World: Can We Learn from the Financial Crisis? -- Introduction -- History, Memory, and Politics -- All Social Science Involves Complexity -- What Is Complexity? -- Causal Ambiguity and the Burden of Proof -- Can Complex Markets Be Adaptive and Ordered? -- The Existence of Social Institutions -- Whence Institutions? Institutions Are Networks -- Networks and Cycles -- Are Our Embedded Tacit Constitutions in Danger? -- Conclusion -- Notes -- Acknowledgments -- References. 330 $aThe US housing bubble and the ensuing financial crisis and recession, as well as the ongoing slow recovery, have prompted a renewal of interest in the business cycle theory associated with the Austrian school of economics. Over the last thirty years, Austrian economists have extended and refined that theory while also deploying Austrian insights in other areas of monetary theory and macroeconomics. In this volume, a number of macroeconomists influenced by the Austrian school demonstrate its explanatory power by applying those ideas to a variety of historical and contemporary issues. Several of the papers focus on the differences between the US and Canadian experiences during the early 21st century, while other contributors offer critical extensions of Austrian monetary and business cycle theory. The volume also includes empirical applications to the housing boom and bust, and several papers consider the place of Austrian macroeconomics within the schools approach to political economy and public policy more generally. Studies in Austrian Macroeconomics shows the breadth and depth of modern macroeconomics in the Austrian tradition. 410 0$aAdvances in Austrian economics ;$vv. 20.$x1529-2134. 606 $aPolitical Science$xEconomic Conditions$2bisacsh 606 $aPolitical economy$2bicssc 606 $aMacroeconomics 606 $aAustrian school of economics 615 7$aPolitical Science$xEconomic Conditions. 615 7$aPolitical economy. 615 0$aMacroeconomics. 615 0$aAustrian school of economics. 676 $a330.157 701 $aHorwitz$b Steven$0856233 701 $aKoppl$b Roger$f1957-$0148255 801 0$bUtOrBLW 906 $aBOOK 912 $a9910809581803321 996 $aStudies in Austrian macroeconomics$94057725 997 $aUNINA