The Role of Capital Structure in Austrian Business Cycle Theory

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The Association of Private Enterprise Education

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Abstract

We argue that the application of financial analysis, especially that of duration, clarifies and supports the application of the average period of production in Austrian business cycle theory. We also suggest that the focus in the recent ABCT literature should be more on the average period of production and less on the stages of production as depicted in Hayek’s triangle in Roger Garrison’s model.

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Keywords

Interest rates--Austria, Present value analysis, Cash flow--Austria, Capital, Economics--Austria, Business cycles--Austria

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CC BY-NC 3.0 (Attribution-NonCommercial), ©2017

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