The Evolution of Monetary Theories of Business Cycles

Mikhail Stolbov

Voprosy Ekonomiki, 2009, issue 7

Abstract: The article deals with the most influential monetary theories of business cycles, ranging from R. Hawtrey and F. Hayeks descriptive models based on credit cycles to the financial accelerator concept worked out by B. Bernanke. The prerequisites, methodology and conclusions of the theories are analyzed in the context of broad research programs of scientific schools and economists who elaborated these concepts. The competition and convergence between conflicting monetary theories of business cycles are also described.

Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2009:id:900

DOI: 10.32609/0042-8736-2009-7-119-131

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