The upper turning point in the Austrian business cycle theory

This paper defends the relevance of Austrian Business Cycle theory (ABCT) within a fiat money regime, by providing an answer to whether a constant rate of credit expansion necessarily leads to a boom-bust cycle. We claim that this scenario has two potential outcomes, (1) a change in money demand bri...

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Published inThe Review of Austrian economics Vol. 35; no. 1; pp. 89 - 97
Main Authors Evans, Anthony J., Cachanosky, Nicolás, Thorpe, Robert
Format Journal Article
LanguageEnglish
Published New York Springer US 01.03.2022
Springer Nature B.V
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Abstract This paper defends the relevance of Austrian Business Cycle theory (ABCT) within a fiat money regime, by providing an answer to whether a constant rate of credit expansion necessarily leads to a boom-bust cycle. We claim that this scenario has two potential outcomes, (1) a change in money demand brings the economy back towards equilibrium or (2) the economy will shift to a sub-optimal but still sustainable path. We identify capital heterogeneity effects and the Ricardo effect as distinctly Austrian explanations for an upper turning point, even in a fiat money regime.
AbstractList This paper defends the relevance of Austrian Business Cycle theory (ABCT) within a fiat money regime, by providing an answer to whether a constant rate of credit expansion necessarily leads to a boom-bust cycle. We claim that this scenario has two potential outcomes, (1) a change in money demand brings the economy back towards equilibrium or (2) the economy will shift to a sub-optimal but still sustainable path. We identify capital heterogeneity effects and the Ricardo effect as distinctly Austrian explanations for an upper turning point, even in a fiat money regime.
This paper defends the relevance of Austrian Business Cycle theory (ABCT) within a fiat money regime, by providing an answer to whether a constant rate of credit expansion necessarily leads to a boom-bust cycle. We claim that this scenario has two potential outcomes, (1) a change in money demand brings the economy back towards equilibrium or (2) the economy will shift to a sub-optimal but still sustainable path. We identify capital heterogeneity effects and the Ricardo effect as distinctly Austrian explanations for an upper turning point, even in a fiat money regime.
Author Thorpe, Robert
Evans, Anthony J.
Cachanosky, Nicolás
Author_xml – sequence: 1
  givenname: Anthony J.
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  surname: Evans
  fullname: Evans, Anthony J.
  email: aevans@escpeurope.eu
  organization: Department of Law, Economics, and Humanities, ESCP Business School
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  givenname: Nicolás
  surname: Cachanosky
  fullname: Cachanosky, Nicolás
  organization: Department of Economics, Metropolitan State University of Denver
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  givenname: Robert
  surname: Thorpe
  fullname: Thorpe, Robert
  organization: Independent scholar
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Cites_doi 10.1080/09538259.2014.957475
10.1086/259514
10.1108/S1529-213420160000020002
10.4324/9780203456309
10.1007/s11138-016-0340-5
10.2307/2550327
10.2307/2224763
10.2307/1926358
10.1017/CBO9780511998218
10.1007/s11138-014-0267-7
10.1108/S1529-213420160000020003
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Copyright Springer Science+Business Media, LLC, part of Springer Nature 2020
Springer Science+Business Media, LLC, part of Springer Nature 2020.
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Turning point
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Snippet This paper defends the relevance of Austrian Business Cycle theory (ABCT) within a fiat money regime, by providing an answer to whether a constant rate of...
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SubjectTerms Business cycles
Capital
Consumer goods
Consumers
Consumption
Discount rates
Economics
Economics and Finance
Growth rate
History of Economic Thought/Methodology
Interest rates
Money demand
Political Science
Preferences
Prices
Public Finance
Recessions
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Title The upper turning point in the Austrian business cycle theory
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