, , ,

Larry White comparte un muy interesante borrador sobre la relación e influencia de Hayek en la macroeconomía contemporánea. Es una lectura que vale la pena para todo interesado en ciclos económicos.

Comparto los puntos centrales de la conclusión:

The booms should not just precede but cause the busts: busts are fundamentally endogenous, the result of the vulnerabilities and distortions built up during the boom.

The busts should generate debt and capital stock overhangs – the natural legacy of the preceding unsustainable expansion.

And potential output should not just be identified with non-inflationary output: as the previous evidence indicates, output may be on an unsustainable trajectory even if inflation is stable.

Bajar el paper de SSRN.