Skip to main content
SpringerLink
Log in

An empirical examination of Austrian business cycle theory

  • Articles
  • Published:
The Quarterly Journal of Austrian Economics

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

References

  • Bischoff, Charles W. 1970. “A Model of Nonresidential Construction in the United States.” American Economic Review 60 (2): 10–17.

    Google Scholar 

  • Carilli, Anthony M., and Gregory M. Dempster. 2001. “Expectations in Austrian Business Cycle Theory: An Application of the Prisoner’s Dilemma.” Review of Austrian Economics 14 (4): 319–30.

    Article  Google Scholar 

  • Cwik, Paul. 1998. “The Recession of 1990: A Comment.” Quarterly Journal of Austrian Economics 1 (2): 85–88.

    Article  Google Scholar 

  • Davidson, Russell, and James G. MacKinnon. 1993. Estimation and Inference in Econometrics. New York: Oxford University Press.

    Google Scholar 

  • Dickey, D.A., and W.A. Fuller. 1979. “Distribution of the Estimators for Autoregressive Time Series with a Unit Root.” Journal of the American Statistical Association 74: 427–31.

    Article  Google Scholar 

  • Federal Reserve Bank of St. Louis. 2003. Federal Reserve Economic Data. «http://research.stouisfed.org/fred2/» (1-4-2003).

  • Friedman, Milton, and Anna J. Schwartz. 1963. A Monetary History of the United States 1867–1960. Princeton, N.J.: Princeton University Press and NBER.

    Google Scholar 

  • Garrison, Roger W. 2001. Time and Money: The Macroeconomics of Capital Structure. London: Routledge.

    Google Scholar 

  • —————. 1988. “The Austrian Theory of the Business Cycle in Light of Modern Macroeconomics.” Review of Austrian Economics 3: 3–29.

    Article  Google Scholar 

  • —————. 1986. “The Hayekian Trade Cycle Theory: A Reappraisal.” Cato Journal 6 (2): 437–53.

    Google Scholar 

  • —————. 1985. “A Subjectivist Theory of a Capital-Using Economy.” In The Economics of Time and Ignorance. Gerald P. O’Driscoll and Mario Rizzo, eds. New York: Routledge. Pp. 160–87.

    Google Scholar 

  • Granger, C.W.J. 1969. “Investigating Causal Relationships by Econometric Models and Cross-spectral Methods.” Econometrica 37: 424–38.

    Article  Google Scholar 

  • Hayek, F.A. [1939] 1969. Profits, Interest, and Investment, and Other Essays on the Theory of Industrial Fluctuations. New York: Augustus M. Kelley.

    Google Scholar 

  • —————. [1935] 1967. Prices and Production. 2nd ed. New York: Augustus M. Kelley.

    Google Scholar 

  • —————. [1933] 1966. Monetary Theory and the Trade Cycle. New York: Augustus M. Kelley.

    Google Scholar 

  • —————. 1941. The Pure Theory of Capital. Chicago: University of Chicago Press.

    Google Scholar 

  • —————. 1931. Prices and Production. 1st ed. London: routledge and Kegan Paul.

    Google Scholar 

  • Hughes, Arthur M. 1997. “The Recession of 1990: An Austrian Explanation.” Review of Austrian Economics 10(1): 107–23.

    Article  Google Scholar 

  • Jarque, C.M., and A.K. Bera. 1980. “Efficient Tests for Normality, Homoskedasticity, and Serial Independence of Regression Residuals.” Economics Letters 6: 255–59.

    Article  Google Scholar 

  • Johansen, Søren, and Katerina Juselius. 1990. “Maximum Likelihood Estimation and Inference on Cointegration-with Applications to the Demand for Money.” Oxford Bulletin of Economics and Statistics 52: 169–210.

    Article  Google Scholar 

  • Keeler, James P. 2001. “Empirical Evidence on the Austrian Business Cycle Theory.” Review of Austrian Economics 14 (4): 331–51.

    Article  Google Scholar 

  • Kennedy, Peter. 1998. A Guide to Econometrics. 4th ed. Cambridge: MIT Press.

    Google Scholar 

  • Kirzner, Israel M. 1997. “Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach.” Journal of Economic Literature 35: 60–85.

    Google Scholar 

  • —————. 1992. The Meaning of Market Process. London: Routledge.

    Google Scholar 

  • —————. 1984a. “Prices, the Communication of Knowledge, and the Discovery Process.” In The Political Economy of Freedom: Essays in Honor of F.A. Hayek. K.R. Leube and A.H. Zlabinger, eds. Amsterdam: Philosophia Verlag. Reprinted in Kirzner (1992).

    Google Scholar 

  • -----. 1984b. “Economic Planning and the Knowledge Problem.” Cato Journal 4 (2). Reprinted in Kirzner (1992).

  • Lachmann, Ludwig M. [1956] 1978. Capital and Its Structure. London: Bell and Sons.

    Google Scholar 

  • —————. 1947. “Complementarity and Substitution in the Theory of Production.” Economica 14: 108–19.

    Article  Google Scholar 

  • Lewin, Peter. 1999. Capital in Disequilibrium. London and New York: Routledge.

    Google Scholar 

  • Lütekpohl, Helmut. 1991. Introduction to Multiple Time Series Analysis. Heidelberg: Springer Verlag.

    Google Scholar 

  • Mises, Ludwig von. [1949] 1998. Human Action. 5th ed. Auburn, Ala.: Ludwig von Mises Institute.

    Google Scholar 

  • —————. [1912] 1980. The Theory of Money and Credit. Indianapolis: Liberty Classics.

    Google Scholar 

  • Mulligan, Robert F. 2002. “A Hayekian Analysis of the Term Structure of Production.” Quarterly Journal of Austrian Economics 5 (2): 17–33.

    Google Scholar 

  • Newley, W., and K. West. 1987. “A Simple Positive Semi-definite, Heteroskedasticity and Autocorrelation Consistent Covariance Matrix.” Econometrica 55: 703–08.

    Article  Google Scholar 

  • O’Driscoll, Gerald P., and Sudha R. Shenoy. 1976. “Inflation, Recession, and Stagflation.” In The Foundations of Modern Austrian Economics. Edwin G. Dolan, ed. Kansas City: Sheed and Ward. Pp. 185–211.

    Google Scholar 

  • Osterwald-Lenum, Maurice. 1992. “A Note with Quantiles of the Asymptotic Distribution of the Maximum Likelihood Cointegration Rank Test Statistics.” Oxford Bulletin of Economics and Statistics 54: 461–72.

    Google Scholar 

  • Phillips, P.C.B., and P. Perron. 1988. “Testing for a Unit Root in Time Series Regression.” Biometrika 75: 335–46.

    Article  Google Scholar 

  • Powell, Benjamin. 2002. “Explaining Japan’s Recession.” Quarterly Journal of Austrian Economics 5 (2): 35–50.

    Google Scholar 

  • Rothbard, Murray N. [1962] 2000. America’s Great Depression. 5th ed. Auburn, Ala.: Ludwig von Mises Institute.

    Google Scholar 

  • —————. [1963] 2000. Man, Economy, and State. Auburn, Ala.: Ludwig von Mises Institute.

    Google Scholar 

  • —————. 1978. “Austrian Definitions of the Supply of Money.” In New Directions in Austrian Economics. Louis M. Spadaro, ed. Kansas City: Sheed Andrews and McMeel. Pp. 143–56.

    Google Scholar 

  • Sumner, William Graham. 1891. The Financier and the Finances of the American Revolution. 2 vols. New York: Dodd and Mead.

    Google Scholar 

  • Wainhouse, Charles E. 1984. “Empirical Evidence for Hayek’s Theory of Economic Fluctuations.” In Money in Crisis: the Federal Reserve, the Economy, and Monetary Reform. Barry N. Siegel, ed. San Francisco: Pacific Institute for Public Policy Research.

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Western Carolina University, USA

    Robert F. Mulligan (associate professor of economics)

Authors
  1. Robert F. Mulligan
    View author publications

    You can also search for this author in PubMed Google Scholar

Additional information

The author remains responsible for any errors or omissions.

Rights and permissions

Reprints and permissions

About this article

Cite this article

Mulligan, R.F. An empirical examination of Austrian business cycle theory. Quart J Austrian Econ 9, 69–93 (2006). https://doi.org/10.1007/s12113-006-1009-x

Download citation

  • Issue Date:

  • DOI: https://doi.org/10.1007/s12113-006-1009-x

Keywords

Search

Navigation