Financial Foundations of Austrian Business Cycle Theory
Nicolas Cachanosky () and
A chapter in Studies in Austrian Macroeconomics, 2016, vol. 20, pp 15-44 from Emerald Publishing Ltd
Abstract In this paper, we study financial foundations of Austrian business cycle theory (ABCT). By doing this, we (1) clarify ambiguous and controversial concepts like roundaboutness and average period of production, (2) we show that the ABCT has strong financial foundations (consistent with its microeconomic foundations), and (3) we offer examples of how to use the flexibility of this approach to apply ABCT to different contexts and scenarios.
Keywords: Macaulay duration; modified duration; Austrian business cycles; average period of production; roundaboutness; economic value added; EVA®; B53; E23; E30 (search for similar items in EconPapers)
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