Studies in Austrian macroeconomics / / edited by Roger Koppl and Steven Horwitz

• Pubblicazione: United Kingdom : , : Emerald, , 2016; ©2016
• Edizione: First edition.
• Descrizione fisica: 1 online resource (297 p.)
• Disciplina: 330.157
• Soggetto topico: Political Science - Economic Conditions; Political economy; Macroeconomics; Austrian school of economics
• Altri autori: HorwitzSteven KopplRoger <1957->
• Note generali: Description based upon print version of record.
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: Front 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. ; The 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. ; New 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.
• Sommario/riassunto: 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 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.
• Titolo autorizzato: Studies in Austrian macroeconomics
• ISBN: 1-78635-273-7
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910809581803321
• Lo trovi qui: Univ. Federico II
• Serie: Advances in Austrian economics ; ; v. 20. . 1529-2134.