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- Search found 6 items for:
- Business Cycles
- Robert P. Murphy
- 2009
Mises Daily
Author:
Robert P. Murphy
Online Publish Date:
In working on my forthcoming book dealing with the Great Depression, I noticed something intriguing about the discount rate of the Fed. Oh wait, I should first clarify — I’m talking about the New York Federal Reserve Bank, because the Fed banks had more autonomy in the beginning, and so you couldn’t talk of “the Fed’s” discount rate. What I
Mises Daily
Author:
Robert P. Murphy
Online Publish Date:
Australian economist John Quiggin The Mises-Hayek theory of the business cycle — and of our recent housing bubble in particular — is gaining more and more adherents in the “real world.” To give anecdotal evidence: Five years ago, when I’d write a Mises Daily article, the fan mail would pour in from college students. But now, I get questions from
Mises Daily
Author:
Robert P. Murphy
Online Publish Date:
When doing interviews for my new book on the Great Depression , a natural question comes up: will the present crisis turn out as bad as the 1930s? My standard answer is typical for an economist: “yes and no.” On the one hand, there were very specific reasons that unemployment broke 25 percent in 1933, and we don’t have those factors in place
Mises Daily
Author:
Robert P. Murphy
Online Publish Date:
In a recent article , Paul McCulley, managing director of PIMCO, was very enthusiastic about Bernanke’s handling of the financial crisis, and argued that the Fed had the tools necessary to avert large price inflation. Unfortunately, McCulley’s arguments have gaping holes; he has hardly dispelled my prediction of massive stagflation . Because
Mises Daily
Author:
Robert P. Murphy
Online Publish Date:
Paul Krugman has concentrated his fire recently on those “thumping their chests” over the falling dollar. He has particular scorn for those recommending a return to the gold standard. In Krugman’s view, a simple look at the historical facts will show that it was a superstitious fetish for the yellow metal that prolonged the Great Depression. A