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Reconciling Hayek’s and Keynes’ views of recessions

Abstract:

Recessions often happen after periods of rapid accumulation of houses, consumer durables and business capital. This observation has led some economists, most notably Friedrich Hayek, to conclude that recessions often reflect periods of needed liquidation resulting from past over-investment. According to the main proponents of this view, government spending or any other form of aggregate demand policy should not be used to mitigate such a liquidation process, as doing so would simply result i...

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Publication status:
Published
Peer review status:
Peer reviewed
Version:
Accepted Manuscript

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Publisher copy:
10.1093/restud/rdx008

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Institution:
University of Oxford
Division:
Social Sciences Division
Department:
Economics
Oxford college:
All Souls College
Galizia, D More by this author
Portier, F More by this author
Publisher:
Oxford University Press Publisher's website
Journal:
Review of Economic Studies Journal website
Volume:
85
Issue:
1
Pages:
119–156
Publication date:
2017-03-01
Acceptance date:
2017-01-15
DOI:
EISSN:
1467-937X
ISSN:
0034-6527
Pubs id:
pubs:817767
URN:
uri:f02ef4c1-9f4d-4dab-9b5a-349781b5b286
UUID:
uuid:f02ef4c1-9f4d-4dab-9b5a-349781b5b286
Local pid:
pubs:817767

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