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A Discussion of the Main Tenets of Austrian Business Cycle Theory
Austrian business cycle theory Stability of consumers time preference Technical progress
2016/1/27
The aim of this paper is to critically assess Austrian Business Cycle (ABC) theory. Its foundation was laid in Theory of Money and Credit (1912) by Ludwig von Mises, which F. A. Hayek elaborated in mo...
Fiscal policy in the monetary theory of production: an alternative to the "new consensus" approach
fiscal policy monetary theory of production new consensus
2011/8/21
This paper provides an alternative view to the new consensus approach, from the standpoint of the monetary theory of production. It is shown that output growth is demand driven, so that fiscal policie...
Changes in Central Bank Procedures During the Subprime Crisis and Their Repercussions on Monetary Theory
central bank procedures federal funds rate interest on bank reserves money multiplier
2011/8/21
The subprime financial crisis has forced several central banks to take extraordinary measures and to modify some of their operational procedures. These changes have made the deficiencies and lack of r...
We introduce and analyze expected uncertain utility theory (EUU). A prior and an
interval utility characterize an EUU decision maker. The decision maker transforms each
uncertain prospect into an in...