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- Publisher
- Springer Journals
- Copyright
- Copyright © 2008 by Springer Science+Business Media, LLC
- Subject
- Economics; Public Finance; Political Science; History of Economic Thought/Methodology
- ISSN
- 0889-3047
- eISSN
- 1573-7128
- DOI
- 10.1007/s11138-008-0042-8
- Publisher site
- See Article on Publisher Site
Abstract
Austrian business cycle theory has become an important point of focus in controversial mainstream discussions regarding the role of asset prices in monetary policy. In this article, the relation between asset prices and the Austrian business cycle theory is examined. The analysis focuses on how central banking supports optimism, resulting in the redirection of entrepreneurial activity and knowledge via asset price bubbles. The crucial role of credit expansion for asset price booms is also analyzed. Following this analysis, the implications for monetary policy are deduced.
Journal
The Review of Austrian Economics – Springer Journals
Published: Apr 29, 2008