Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
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TY - JOUR
T1 - Austrian business cycle theory, Keyne's general theory, soaring wheat prices and sub-prime mortgage write-downs
AU - Steele, G R
PY - 2008
Y1 - 2008
N2 - Keynes’s presentation of own rates of interest on wheat and housing is set within Austrian business cycle theory, to show that soaring wheat prices and subprime mortgage writedowns are expected, when a monetary authority holds interest rates too low for too long. From that basis, further interest rate cuts are an unlikely remedy for a recession whose roots lie in a proliferation of credit.
AB - Keynes’s presentation of own rates of interest on wheat and housing is set within Austrian business cycle theory, to show that soaring wheat prices and subprime mortgage writedowns are expected, when a monetary authority holds interest rates too low for too long. From that basis, further interest rate cuts are an unlikely remedy for a recession whose roots lie in a proliferation of credit.
U2 - 10.1007/s12113-008-9037-3
DO - 10.1007/s12113-008-9037-3
M3 - Journal article
VL - 11
SP - 119
EP - 122
JO - Quarterly Journal of Austrian Economics
JF - Quarterly Journal of Austrian Economics
SN - 1098-3708
IS - 2
ER -