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Book Cover
Author Oppers, Stefan E. (Stefan Erik)

Title The Austrian theory of business cycles : old lessons for modern economic policy? / Stefan Erik Oppers
Published [Washington, D.C.] : International Monetary Fund, [2002]
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Description 1 online resource (15 pages) : illustrations
Series IMF working paper ; WP/02/2
IMF working paper ; WP/02/2
Summary This paper reviews the 'Austrian' theory of the business cycle first proposed by Friedrich Hayek in the 1920s. His theory claimed that credit creation by monetary authorities would push investment beyond society's long-term willingness to save, creating a mismatch between supply and demand that would inevitably cause recession. The theory argued, moreover, that expansionary policies in recession could generally only postpone the necessay structural adjustment, making th subsequent correction more severe. Modern followers of this theory see Austrian features in a number of recent business cycles, including Japan in the 1980s and 1990s, and the more recent U.S. slowdown
Notes "January 2002"--Page [1]
At head of title: Office in Europe
Cover title
Bibliography Includes bibliographical references (pages 12-13)
Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. MiAaHDL
digitized 2011 HathiTrust Digital Library committed to preserve pda MiAaHDL
Print version record
Subject Austrian school of economics.
Business cycles -- Effect of monetary policy on
Economic policy.
Investments -- Effect of monetary policy on
Recessions -- Effect of monetary policy on.
Form Electronic book
Author Sløk, Torsten.
International Monetary Fund. Office in Europe.
ISBN 1281131512