257
Views
0
CrossRef citations to date
0
Altmetric
Research Article

Austrian vs Post Keynesian explanations of the business cycle: an empirical examination

References

  • Arestis, P., and A. R. Gonzalez-Martinez. 2016. “Revisiting the Accelerator Principle in a World of Uncertainty: Some Empirical Evidence.” Economic Modelling 56: 35–42. https://doi.org/10.1016/j.econmod.2016.03.012
  • Bachmann, R., and P. Zorn. 2020. “What Drives Aggregate Investment? Evidence from German Survey Data.” Journal of Economic Dynamics and Control 115: 103873. https://doi.org/10.1016/j.jedc.2020.103873
  • Barradas, R., and S. Lagoa. 2017. “Financialization and Portuguese Real Investment: A Supportive or Disruptive Relationship?” Journal of Post Keynesian Economics 40 (3): 413–439. https://doi.org/10.1080/01603477.2017.1286940
  • Batemarco, R. J. 1994. “Austrian Business Cycle Theory.” In The Elgar Companion to Austrian Economics, edited by P. J. Boettke, 216–223. Aldershot, U.K.: Elgar.
  • Bezemer, D. J. 2011. “The Credit Crisis and Recession as a Paradigm Test.” Journal of Economic Issues 45 (1): 1–18. http://www.tandfonline.com/loi/mjei20. https://doi.org/10.2753/JEI0021-3624450101
  • Bismans, F., and C. Mougeot. 2009. “Austrian Business Cycle Theory: Empirical Evidence.” The Review of Austrian Economics 22 (3): 241–257. https://doi.org/10.1007/s11138-009-0084-6
  • Cafferata, A., M. J. Davila-Fernandez, and S. Sordi. 2021. “(Ir)Rational Explorers in the Financial Jungle: Modelling Minsky with Heterogeneous Agents.” Journal of Evolutionary Economics 31 (4): 1157–1188. https://doi.org/10.1007/s00191-021-00743-6
  • Carilli, A. M., and G. M. Dempster. 2008. “Is the Austrian Business Cycle Theory Still Relevant?” The Review of Austrian Economics 21 (4): 271–281. https://doi.org/10.1007/s11138-008-0044-6
  • Carruth, A., A. Dickerson, and A. Henley. 2000. “Econometric Modelling of UK Aggregate Investment: The Role of Profits and Uncertainty.” The Manchester School 68 (3): 276–300. https://doi.org/10.1111/1467-9957.00194
  • Check, A., and J. Piger. 2021. “Structural Breaks in US Macroeconomic Time Series: A Bayesian Model Averaging Approach.” Journal of Money, Credit and Banking 53 (8): 1999–2036. https://doi.org/10.1111/jmcb.12822
  • Doz, C., L. Ferrara, and P. A. Pionnier. 2020. “Business Cycle Dynamics after the Great Recession: An Extended Markov-Switching Dynamic Factor Model.” OECD Working Papers, Jan 14 2020.
  • Eo, Y., and J. Morley. 2022. “Why Has the US Economy Stagnated since the Great Recession?” The Review of Economics and Statistics 104 (2): 246–258. https://doi.org/10.1162/rest_a_00957
  • Fernald, J., R. Inklaar, and D. Ruzic. 2023. “The Productivity Slowdown in Advanced Economies: Common Shocks or Common Trends?” Federal Reserve Bank of San Francisco Working Paper Series, (2023-07).
  • Foldvary, Fred E. 2015. “The Austrian Theory of the Business Cycle.” The American Journal of Economics and Sociology 74 (2): 278–297. https://doi.org/10.1111/ajes.12098
  • Harvey, J. T. 2022. “Testing Keynes’ Aggregate Investment Function.” Journal of Post Keynesian Economics 45 (2): 246–262. https://doi.org/10.1080/01603477.2021.1932524
  • Holston, K., T. Laubach, and J. C. Williams. 2016. “Measuring the Natural Rate of Interest: International Trends and Determinants.” Journal of International Economics 108: S59–S75.
  • Iyoda, M. 2005. “The Determination of Investment in the Monetary Production Economy: A Theory and Its Empirical Application in the Post Keynesian Tradition.” Journal of Post Keynesian Economics 28 (1): 115–133.
  • Keen, S. 2020. “Emergent Macroeconomics: Deriving Minsky’s Financial Instability Hypothesis Directly from Macroeconomic Definitions.” Review of Political Economy 32 (3): 342–370. http://www.tandfonline.com/loi/crpe20. https://doi.org/10.1080/09538259.2020.1810887
  • Keeler, J. P. 2001. “Empirical Evidence on the Austrian Business Cycle Theory.” The Review of Austrian Economics 14 (4): 331–351. https://doi.org/10.1023/A:1011937230775
  • Kenton, W. 2019. “Purchasing Managers’ Index–PMI.” Investopedia, Accessed January 23, 2019. https://www.investopedia.com/terms/p/pmi.asp.
  • Keynes, J. M. 1936. The General Theory of Employment Interest and Money. London: Macmillan.
  • Keynes, J. M. 1937. “The General Theory of Employment.” The Quarterly Journal of Economics 51 (2): 209–223. https://doi.org/10.2307/1882087
  • Kothari, S. P., J. Lewellen, and J. B. Warner. 2014. The Behavior of Aggregate Corporate Investment. Rochester: Simon Graduate School of Business, University of Rochester.
  • Krugman, P. 2009. “How Did Economists Get It so Wrong?” New York Times 2 (9): 2009.
  • Lansing, K. J. 2016. “Projecting the Long-Run Natural Rate of Interest.” FRBSF Economic Letter 25: 1–5.
  • Laubach, T., and J. C. Williams. 2003. “Measuring the Natural Rate of Interest.” Review of Economics and Statistics 85 (4): 1063–1070. doi: http://www.mitpressjournals.org/loi/rest. https://doi.org/10.1162/003465303772815934
  • Lester, R. B., and J. S. Wolff. 2013. “The Empirical Relevance of the Mises-Hayek Theory of the Trade Cycle.” The Review of Austrian Economics 26 (4): 433–461. https://doi.org/10.1007/s11138-013-0225-9
  • Luther, W. J., and M. Cohen. 2014. “An Empirical Analysis of the Austrian Business Cycle Theory.” Atlantic Economic Journal 42 (2): 153–169. https://doi.org/10.1007/s11293-014-9415-5
  • Mulligan, R. F. 2006. “An Empirical Examination of Austrian Business Cycle Theory.” The Quarterly Journal of Austrian Economics 9 (2): 69–93. doi: http://mises.org/periodical.aspx?Id=4. https://doi.org/10.1007/s12113-006-1009-x
  • Oppers, S. E. 2002. “The Austrian Theory of Business Cycles: Old Lessons for Modern Economic Policy?” IMF Working Paper WP/02/2, January https://www.imf.org/external/pubs/ft/wp/2002/wp0202.pdf
  • Phillips, P. J. 2010. “Financial Crisis of Metaphor.” The Review of Austrian Economics 23 (3): 223–242. https://doi.org/10.1007/s11138-010-0104-6
  • Real-World Economics Blog. 2023. “Keen, Roubini and Baker win Revere Award for Economics.” Real-World Economics, Accessed November 4, 2023. https://rwer.wordpress.com/2010/05/13/keen-roubini-and-baker-win-revere-award-for-economics-2/.
  • Roberts, J. M. 2003. “Modeling Aggregate Investment: A Fundamentalist Approach.” Board of Governors of the Federal Reserve System (U.S.), Finance and Economics Discussion Series: 2003–48.
  • Salerno, J. T. 2012. “A Reformulation of Austrian Business Cycle Theory in Light of the Financial Crisis.” Quarterly Journal of Austrian Economics 15 (1): 3–44. http://mises.org/periodical.aspx?Id=4.
  • Selgin, G. A., D. Beckworth, and B. Bahadir. 2011. “The Productivity Gap: Productivity Surges as a Source of Monetary Excess.” Working Paper. https://www.researchgate.net/publication/228133001_The_Productivity_Gap_Productivity_Surges_as_a_Source_of_Monetary_Excess
  • Stockhammer, E., and L. Grafl. 2010. “Financial Uncertainty and Business Investment.” Review of Political Economy 22 (4): 551–568. http://www.tandfonline.com/loi/crpe20. https://doi.org/10.1080/09538259.2010.510317
  • Tempelman, J. H. 2010. “Austrian Business Cycle Theory and the Global Financial Crisis: Confessions of a Mainstream Economist.” Quarterly Journal of Austrian Economics 13 (1): 3–15. http://mises.org/periodical.aspx?Id=4.
  • Thornton, M. 2018. The Skyscraper Curse: And How Austrian Economists Predicted Every Major Economic Crisis of the Last Century. Thornton: Ludwig von Mises Institute.
  • Young, A. T. 2012. “The Time Structure of Production in the US, 2002–2009.” The Review of Austrian Economics 25 (2): 77–92. https://doi.org/10.1007/s11138-011-0158-0

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.