Series: IMF Working Papers
Author(s): S. Oppers
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 January 2002
Keywords: recession, inflation, monetary authorities, central bank, Monetary Policy, Central Banking, and the Supply of Money and Credit: General, Austrian School, Hayek, Friedrich (1899-1992),
This paper reviews the "Austrian" theory of the business cycle first proposed by Friedrich Hayek in the 1920s. His theory claimed that credit creation by monetary authorities would push investment beyond society's...