Money and Business Cycles: Lessons Not Taken from the Great Depression

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11230%2F09%3A10100344" target="_blank" >RIV/00216208:11230/09:10100344 - isvavai.cz</a>
Result on the web
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DOI - Digital Object Identifier
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Result language
angličtina
Original language name
Money and Business Cycles: Lessons Not Taken from the Great Depression
Original language description
The present paper deals with monetary theories of the business cycle, illustrated on the example of the Great Depression. I show that the current macroeconomic consensus, drawing heavily from monetarism, largely overlooks the effect of monetary expansions on the interest rate, which is an essential intertemporal price in the economy. Next, I argue that monetary expansions are not the cure for, but the cause of the business cycle, working through distortion of the interest rate. The 1920s, while generally known for price stability, are then shown to be a period of massive monetary inflation that laid the foundations for the subsequent Great Depression.
Czech name
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Czech description
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Publication year
2009
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection
"Velká deprese" a její odraz v ekonomické teorii a praxi
ISBN
978-80-248-2150-4
ISSN
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e-ISSN
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Number of pages
10
Pages from-to
1-10
Publisher name
Vysoká škola báňská - Technická univerzita
Place of publication
Ostrava
Event location
Ostrava, ČR
Event date
Nov 11, 2009
Type of event by nationality
EUR - Evropská akce
UT code for WoS article
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