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I study the economies of Colombia (floating exchange rate) and Panama (dollarized) to illustrate how the monetary policy of a large economy can export capital structure distortions to small open economies that follow different exchange rate regimes. The paper contributes to the literature on...
Persistent link: https://www.econbiz.de/10010906236
This paper extends the Mises-Hayek business cycle theory to open economies with fiat currencies. I explore: (1) the problem of domestic versus international monetary policy with fiat currencies in an international setting. (2) How the feedback effects between central banks in the context of an...
Persistent link: https://www.econbiz.de/10010959188
This paper analyzes the effects of changes in interest rates on the composition of production in ten European countries during the boom period of the 2000s. We find that output elasticity differs across industries and across countries for similar industries. The paper suggests that in the run-up...
Persistent link: https://www.econbiz.de/10010942484
This article discusses the limits and charactristics of GDP as economic indicator and suggests that an Economic Value Added (EVA®) approach would be more accurate and appropriate to measure macroeconomic performance. The main difference is that EVA® takes into consideration the invested...
Persistent link: https://www.econbiz.de/10005034603
This article discusses the distinction Mises (1919) draws between the nation and the state as well as the relation of this distinction with the role of the state in the free society. A previous version of this article received the 1st Prize of the European Center of Austrian Economics...
Persistent link: https://www.econbiz.de/10005025723
While characteristically ‘Austrian' themes such as entrepreneurship, economic calculation, tacit knowledge and the temporal structure of capital are clearly relevant to the business firm, Austrian economists have said relatively little about management, organization, and strategy. This...
Persistent link: https://www.econbiz.de/10011164811
The Elgar Companion to Austrian Economics is a major new reference work which highlights the common ground between all the branches of the school while demonstrating the breadth and diversity within it. The Companion reflects the many areas where Austrian economists have made contributions,...
Persistent link: https://www.econbiz.de/10011119121
Persistent link: https://www.econbiz.de/10010816234
Persistent link: https://www.econbiz.de/10010574994
The Elgar Companion to Hayekian Economics provides an in-depth treatment of Friedrich August von Hayek’s economic thought from his technical economics of the 1920s and 1930s to his broader views on the spontaneous order of a free society. Taken together, the chapters show evidence both of...
Persistent link: https://www.econbiz.de/10011180736