Nicolás viene compartiendo con nosotros en el blog los resultados de sus investigaciones de doctorado. Aquí tenemos los frutos de esas investigaciones, valorados por el Review of Austrian Economics (RAE).

The Mises-Hayek business cycle theory, fiat currencies and open economies

En este artículo Nicolás extiende la teoría austriaca del ciclo económico de Mises-Hayek a una economía abierta con dinero fiat. Brevemente, se propone evaluar el impacto o shock que puede generar la política monetaria de una economía grande en una economía emergente y pequeña.

Abstract

This paper extends the Mises-Hayek business cycle theory to open economies with fiat currencies. I explore: (1) the problem of domestic versus international monetary policy with fiat currencies in an international setting. (2) How the feedback effects between central banks in the context of an expansionary monetary contributes to extend and transmit a Mises-Hayek business cycle from big economies to small financially integrated economies. I find that a lengthening of the period of production is not the only effect produced on the capital structure, but also a misallocation of capital goods between the production of tradable and non-tradable goods and services and that business cycles can become more severe when there are open economies with fiat currencies.