scholarly journals The Macroeconomic Models of the Austrian School: A History and Comparative Analysis

2020 ◽  
Vol 22 (4) ◽  
pp. 533-564
Author(s):  
Renaud Fillieule
Keyword(s):  
Comparative Analysis ◽  
Interest Rate ◽  
Business Cycles ◽  
Comparative Assessment ◽  
Austrian School ◽  
General Level ◽  
Macroeconomic Models ◽  
Tentative Explanation ◽  
Structure Of Production

This paper offers a synthetic and comparative assessment of the most basic Austrian macroeconomic models, i.e. the models that analyze the static forces determining the equilibrium interest rate and structure of production (monetary disequilibria and business cycles are not part of this investigation). The three models presented here are those of Böhm-Bawerk ([1889] 1959), Hayek (1936, 1941), and Garrison (2001). This review shows that these models are largely inconsistent with each other, but also that at a more general level they share several important charac-teristics. Finally, a tentative explanation is offered as to why there is no cumulative tradition in the Austrian School in this kind of basic macroeconomic theorizing.

Comparative analysis of productive qualities of Sables without gray hair and with different degrees of gray hair in JSC «Plemzverosovkhoz» Saltykovsky»

2020 ◽  
Vol 1 (4) ◽  
pp. 63-67
Author(s):  
N. N. Shumilina ◽  
◽  
E. E. Larina ◽  
Keyword(s):  
Comparative Analysis ◽  
Entire Range ◽  
Comparative Assessment ◽  
Positive Correlation ◽  
Gray Hair ◽  
In Captivity ◽  
Males And Females ◽  
Length And Area ◽  
Common Defect

The pride of Russia has always been sable. Sable is unique not only in the quality of its fur, but also in the fact that almost the entire range of its habitat is located on the territory of our country. It was in our country that this animal was first bred in captivity. In this regard, Russia has long had a monopoly on the production of sable skins. In 1969, the black sable breed was approved, and in 1998, the «Saltykov» type of sable was approved. JSC «Saltykovsky Breeding farm» has created a unique herd of dark Sables with evenly spaced gray hair, the skins of which are valued at auctions by 10–30% more expensive [2]. The article presents the results of a comparative assessment of the productive qualities of Sables without gray hair and with different degrees of gray created in JSC «Plemzverosovkhoz » Saltykovsky» livestock. As a result of the analysis, it was found that Sables with gray hair have higher bonitirovki scores (more than 50%). Analyzing the indicators of bonitirovki in males and females with different degrees of gray hair, it was found that the quality of pubescence and color of males with bright gray hair is significantly superior to individuals without gray hair, the same trend is observed in females. In addition, a positive correlation was found (0,79) between the weight of skins in grams, their length and area both in Sables without gray hair, and in individuals with different degrees of gray hair. The most common defect on skins without gray hair is soaking.

Book Reviews

2015 ◽  
Vol 53 (1) ◽  
pp. 119-121
Keyword(s):  
Business Cycles ◽  
Austrian Economics ◽  
Austrian School ◽  
Market Process ◽  
Florida State University ◽  
State University ◽  
Economic Calculation ◽  
The Core

Roger W. Garrison of Auburn University reviews “Advanced Introduction to the Austrian School of Economics”, by Randall G. Holcombe. The Econlit abstract of this book begins: “Provides an introduction and summary of the core principles, ideas, and diversity of modern Austrian economics. Discusses the market process; decentralized knowledge—the role of firms and markets; economic calculation; money, banking, and business cycles; and the resurgence of the Austrian school. Holcombe is DeVoe Moore Professor of Economics at Florida State University.”

Wicksell after Woodford

2006 ◽  
Vol 28 (2) ◽  
pp. 171-185 ◽  
Author(s):  
Mauro Boianovsky ◽  
Hans-Michael Trautwein
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Interest Rates ◽  
New Keynesian ◽  
General Level ◽  
Credit System ◽  
Nominal Interest Rates ◽  
Cumulative Processes ◽  
Sectoral Composition ◽  
Output Gaps

The New Neoclassical Synthesis that Michael Woodford puts forward in his Interest and Prices (2003) is primarily a synthesis of New Classical and New Keynesian ideas. Yet Woodford presents it as an encompassing approach that goes much further back in time to integrate the pre-Keynesian macroeconomics of Knut Wickseil and his followers. Starting with the title, the book contains many references to Geldzins und Güterpreise (1898), Wicksell's landmark contribution to monetary theory which was translated as Interest and Prices in 1936. Woodford relates his concept of a “monetary policy without money” to Wicksell's concept of the pure credit system and to Wicksell's proposal to eliminate inflation by adjusting nominal interest rates to changes in the price level—an idea that has much in common with modern policy rules à la Taylor. He presents the core model of the new synthesis (in shorthand: IS + AS + Taylor rule) as a “neo-Wicksellian framework” that serves to analyze the dynamics of interest-rate gaps and output gaps (2003, chapter 4). Referring to the Wicksellians of the 1920s and 1930s (primarily Erik Lindahl, Gunnar Myrdal, and Friedrich A. Hayek), Woodford grounds his advocacy of rules to fight inflation on the potential non-neutrality of monetary policy: “[I]t is because instability of the general level of prices causes substantial real distortions—leading to inefficient variation both in aggregate employment and output and in the sectoral composition of economic activity—that price stability is important” (2003, p. 5). He thus sees his analysis of interest-rate and output gaps as “an attempt to resurrect a view” that the old Wicksellians had developed in their analyses of cumulative processes.

scholarly journals COMPARATIVE ANALYSIS OF GLOBAL DIGITAL ELEVATION MODELS AND ULTRA-PROMINENT MOUNTAIN PEAKS

2016 ◽  
Vol III-4 ◽  
pp. 17-23 ◽  
Author(s):  
Carlos H. Grohmann
Keyword(s):  
Comparative Analysis ◽  
Digital Elevation Models ◽  
Full Range ◽  
Regional Scale ◽  
Comparative Assessment ◽  
Moving Window ◽  
Scale Analysis ◽  
Smoothing Effect ◽  
New Techniques ◽  
Digital Elevation

Global Digital Elevation Models (GDEMs) are datasets of vital importance for regional-scale analysis in areas such as geomorphology, [paleo]climatology, oceanography and biodiversity. In this work I present a comparative assessment of the datasets ETOPO1 (1’ resolution), GTOPO30, GLOBE, SRTM30 PLUS, GMTED2010 and ACE2 (30”) against the altitude of the world’s ultra prominent peaks. GDEMs’ elevations show an expected tendency of underestimating the peak’s altitude, but differences reach 3,500 m. None of the GDEMs captures the full range of elevation on Earth and they do not represent well the altitude of the most prominent peaks. Some of these problems could be addressed with the release of NASADEM, but the smoothing effect caused by moving-window resampling can only be tackled by using new techniques, such as scale-adaptative kernels and curvature-based terrain generalisation.

scholarly journals DIGITAL CURRENCY - PRIVATE MONEY?

2021 ◽  
pp. 21-30
Author(s):  
Марина Анатольевна Алленых
Keyword(s):  
Comparative Analysis ◽  
Austrian School ◽  
Digital Models ◽  
Digital Currency ◽  
Payment Instruments ◽  
Private Money

Цель работы - рассмотреть, является ли цифровая валюта частными деньгами в контексте австрийской школы, и показать современное направление развития цифровых платформ. Автором рассмотрены основные положения теории частных денег Хайека и проведен историко-сравнительный анализ цифровых валют. Сделан вывод о том, что криптовалюта еще не является частными деньгами по определению австрийской школы. Автором проанализировано, как современные платежные платформы, которые по сути являются «экосистемами», используют цифровые платежные инструменты. Рассмотрены особенности цифровых валют, выпускаемых на основе платформ. Показано, что в «экосистемах» токены также не являются частными деньгами в соответствии с положениями австрийской школы. The purpose of this work is to analyze whether digital currency is private money in the context of the Austrian school and to show the modern direction of development of digital models. The author considers the main provisions of the private money theory and carries out a historical and comparative analysis of digital currencies in this context. It is concluded that cryptocurrency is not yet private money as defined by the Austrian school. The author analyzes how modern payment platforms, which are essentially «ecosystems», use digital payment instruments The features of digital currencies issued on the platform basis are considered. It is shown that in «ecosystems» tokens are also not private money in accordance with the provisions of the Austrian school.

scholarly journals Comparative Analysis of Monetary Policy Shocks and Exchange Rate Fluctuations in Nigeria and South Africa

2018 ◽  
Vol 9 (6) ◽  
pp. 199
Author(s):  
Sulaiman L. A. ◽  
Lawal N. A. ◽  
Migiro S. O.
Keyword(s):  
South Africa ◽  
Monetary Policy ◽  
Exchange Rate ◽  
Comparative Analysis ◽  
Interest Rate ◽  
Monetary Policy Shocks ◽  
Exchange Rate Fluctuations ◽  
The World ◽  
Policy Shocks ◽  
Short Run

The study examined a comparative analysis of monetary policy shocks and exchange rate fluctuations based on evidence from the two largest economies in Africa (Nigeria and South Africa) – from 1985 to 2015. Data were derived from various sources which include the National Bureau of Statistics, the Central Banks reports and the World Bank database. Vector Autoregressive (VAR) Analysis was used as the estimation technique. The results indicated that the foreign interest rate in South Africa had higher variations in the short-run. While in the long-run, foreign interest rate has higher percentage variations to exchange rate. In Nigeria the world oil price has the higher influence on exchange rate both in the short-run and longrun periods. Based on these results, the study then recommended that the monetary authorities and policymakers in both countries encourage external currency inflows into the economy.  

scholarly journals Taxes and the Structure of Production

1998 ◽  
Vol 16 (2) ◽  
pp. 145-159 ◽  
Author(s):  
Walter Block
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Interest Rate ◽  
Business Cycle ◽  
Time Preference ◽  
Causal Relation ◽  
Austrian Business Cycle ◽  
The Business Cycle ◽  
The Interest Rate ◽  
Structure Of Production

Abstract In Austrian theory, the business cycle is caused by expansive monetary policy, which artificially lowers the interest rate below equilibrium rates, necessarily lengthening the structure of production. Can tax alterations also cause an Austrian business cycle? Only if they affect time preference rates, the determinant of the shape of the Hayekian triangle. It is the contention of this paper that changes in taxes possibly can (but need not) impact time preference rates. Thus there may be a causal relation between fiscal policy and the business cycle, but this is not a necessary connection, as there is between monetary policy and the business cycle. This is contentious, since some Austrians argue that there is a praxeological link between tax policy and time preference rates.

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