Bubbles and Broad Monetary Aggregates: Toward a Consensus Approach to Business Cycles View Full Text


Ontology type: schema:ScholarlyArticle     


Article Info

DATE

2019-04

AUTHORS

Cameron Harwick

ABSTRACT

A challenge for quantity-theoretic explanations of business cycles is that recessions manifest despite central banks’ scrupulousness to avoid falls in monetary aggregates, a fact which would seem to indicate a structural explanation. This paper argues that a broader and theoretically richer Divisia aggregate—which reflects changes in financial market liquidity even without changes in the quantity of any particular asset—can reconcile these two approaches. Liquidity shocks such as the rise and collapse of asset bubbles can drive excess supply of and demand for money, respectively, that quantity theorists point to as determinative of short-run economic fluctuations. More... »

PAGES

250-268

References to SciGraph publications

  • 2014-06. An Empirical Analysis of the Austrian Business Cycle Theory in ATLANTIC ECONOMIC JOURNAL
  • Journal

    TITLE

    Eastern Economic Journal

    ISSUE

    2

    VOLUME

    45

    Author Affiliations

    Identifiers

    URI

    http://scigraph.springernature.com/pub.10.1057/s41302-018-00127-y

    DOI

    http://dx.doi.org/10.1057/s41302-018-00127-y

    DIMENSIONS

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