The Austrian Theory of the Business Cycle in the Light of Modern Macroeconomics

@inproceedings{Koppl1996TheAT,
  title={The Austrian Theory of the Business Cycle in the Light of Modern Macroeconomics},
  author={Michael Montgomery Roger Koppl},
  year={1996}
}
  • Michael Montgomery Roger Koppl
  • Published 1996
T he Austrian theory of the business cycle has many critics. Some believe that this part of the Austrian contribution is so misdirected as to constitute an "embarrassing excrescence" (Yeager [1986, p. 378]); others simply doubt that there can be a single theory that provides a general account of cyclical activity (Leijonhufvud [1984, 1986]; see also Sirkin [1972] and Lachmann [1978]); and still others deny the existence of some of the most salient features of business cycles. Defending—or even… CONTINUE READING
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