Tuesday, December 3, 2013

My new Critical Review article is out

Share far and wide.

Many readers of this blog gave me reactions to this, and for that I am very grateful.

I hope people will be interested in it. I like to think of it as a thoughtful analysis of Hayek's business cycle theory. I come out liking his capital theory for both theoretical and empirical reasons, and not liking the business cycle theory for both theoretical and empirical reasons.

I offer what I think is a new way of putting what I think is wrong with his business cycle theory that I think is right with Keynes, and it connects both of them back to their Wicksellian roots. I don't mention Wicksell specifically so as not to overcomplicate the argument. I had been planning on including it, and it was certainly in the back of my head when I was writing it.

I also think it's a nice paper in that it collects and reviews the scope of the empirical literature. I don't do that in grueling detail (it's really not the venue for that), but I think that my separation of the studies into what can be thought of as reduced form and structural analyses helps a lot to clarify what we do and don't know.

And if nothing else I provide what I think is the most or at least one of the most comprehensive empirical lit reviews.

5 comments:

  1. Congratulations on getting your article published, although as I have told you elsewhere, I regret that part of the title of the paper was changed in the final published version. (From "Mistaken, But Not Crazy" to "Half Right".) I also wish that the table containing the twenty research sources you provided as a summary was retained in the final version, but what's done is done. The changes weren't that devastatingly bad anyway, and they certainly don't mean the end of the world.

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    1. One more thing I forgot to add in my last comment...here is the DOI to the article itself, for everyone's convenience.

      http://dx.doi.org/10.1080/08913811.2013.853863

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  2. Daniel,

    What happened to the appendix?:

    http://danielpkuehn.wordpress.com/empirical-analyses-of-hayekian-business-cycle-theory/

    There does not seem to be anything listed there

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    1. Ya I suppose I should post that before Jeff Friedman yells at me...

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  3. And great article by the way -- I enjoyed reading it and learned a lot too:

    http://socialdemocracy21stcentury.blogspot.com/2013/12/daniel-kuehn-on-austrian-business-cycle.html

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