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MONETARY CONTROL AND THE POLITICAL BUSINESS CYCLE
MONETARY CONTROL POLITICAL BUSINESS CYCLE
2008/12/8
Introduction
This paper might equally well be entitled, “Political Control and
the Monetary Business Cycle.” The observations I will offer reflect
25 years of following current events and studying ...
Money, Deregulation, and the Business Cycle
nonmonetary economy unregulated banking systems legal restrictions theory
2008/12/5
In this article, I examine the burgeoning literature on the behavior
of unregulated banking systems. The analysis of banking and money
has been dubbed the “legal restrictions theory.” Many ofthe the...
Is THERE A POLITICAL MONETARY CYCLE?
POLITICAL MONETARY CYCLE economic conditions Economic Events
2008/12/5
There is a large and growing literature about the relationships
between economic conditions and elections. One part of this literature
is devoted to the impact of economic conditions on election
ou...
If general acceptance by the economics profession were the criterion
for success or failure of a theory, the theory of the trade cycle
attributed to F. A. Hayek would have to be declared a failure.’...
REFLECTIONS ON HAYEK’S BUSINESS CYCLE THEORY
BUSINESS CYCLE THEORY HAYEK cyclical expansion
2008/12/5
Introduction
F. A. Hayek developed his business cycle theory in the 1920s when
he visited the United States for the first time. Let me recall that after
the so-called first postwar depression of 19...
One of the important policy issues we face today is the linkage
between monetary policy and the business cycle. This issue is of
relevance from an economic point ofview, but I assure you it is also
...
Erratic Monetary Policy
The double-digit inflation of the 1970s has given way to the moderate
inflation ofthe 1980s, but monetary policy remains erratic. From
early December 1985 through early Marc...
PRICE-LEVEL STABILITY, PRICE FLEXIBILITY, AND FISHER’S BUSINESS CYCLE MODEL
PRICE-LEVEL STABILITY PRICE FLEXIBILITY BUSINESS CYCLE MODEL
2008/12/2
In a series of recent papers, De Long and Summers (1986, 1988)
argued that “increased wage and price flexibility can easily be destabilizing
because of the Mundell effect.” They also suggested that
...
A PUBLIC CHOICE PERSPECTIVE ON THE CYCLE IN MONETARY POLICY
monetary policy monetary policy PUBLIC CHOICE
2008/12/2
The purpose of this paper is to develop a theory of the cycle in
monetary policy and, thereby, to suggest a direction for those who
would seek an answer to Bennett McCallum’s question. In this cycle...