In this issue, articles on business cycles, monetary policy, theory of the firm, Brazilian economic freedom, Brazil’s recent recession, and French interventionism. Plus six book reviews.
The Quarterly Journal of Austrian Economics (QJAE) is a refereed journal that promotes the development and extension of Austrian economics and the analysis of contemporary issues in the mainstream of economics from an Austrian perspective.
The QJAE Blog Editors and Editorial Board Submission Information
Money, Inflation, and Business Cycles: The Cantillon Effect and the Economy
Professor Arkadiusz Sieroń has written an important new book on the Cantillon effect, indicating that the effect of new money on the economy depends on where it is injected.
Over the Cliff: How Brazil’s 2004–2016 Business Cycle Became Its Worst Recession in a Century
Brazil's most severe recession in over a century, which lasted over two years and saw unemployment of nearly 12 percent, offers empirical support for the Austrian business cycle theory.
Brazilian States’ Economic Freedom Index: Applying Fraser’s Methodology for 2003–2016 Data
The Fraser Institute's Economic Freedom of North America report provides the method of evaluating the economic freedom of Brazilian states. Results suggest that Brazilian states' freedom scores have been declining.
On Understanding France and the French Situation
Pascal Salin investigates the contrast between French collectivism and it production of liberal intellectuals.
Reflections on Ethics, Freedom, Welfare Economics, Policy, and the Legacy of Austrian Economics
David Gordon reviews the vast collection of essays by Israel Kirzner.
People, Power, and Profits: Progressive Capitalism for an Age of Discontent
George Stiglitz professes great concern for the poor, while arguing that most people require control by enlightened experts such as himself.
People, Power, and Profits: Progressive Capitalism for an Age of Discontent
Randall Holcombe's has written an impressive new book on political capitalism (or "crony capitalism") and contributes a discussion on political and economic elites.
The Origin of the Prolonged Economic Stagnation in Contemporary Japan: The Factitious Deflation and Meltdown of the Japanese Firm as an Entity
While Otaki appropriately criticizes stimulus spending, he inexplicably attributes Japanese stagnation to the failure to follow Keynes.
Gun Control in Nazi-Occupied France: Tyranny and Resistance
Stephen Halbrook's book documents the efforts of a totalitarian regime to disarm its citizens.
Intra-Firm Coordination through Rule-Following and the Emergence of Hierarchy
Rule-following and hierarchy, as decision-making and coordination mechanisms, can enrich the Austrian theory of the firm.
Interest Rates, Roundaboutness, and Business Cycles: An Empirical Study
Can policy-induced deviations from the natural rate of interest increase roundaboutness in production? Mark Gertsen studies 28 developed economies using an ARDL model, and finds Austrian boom-bust dynamics.
Negative Inflation Targeting: A Proposal of a Non-Distortionary Monetary Policy
Tomáš Frömmel contends that a negative inflation target combined with the Taylor Rule can be a non-distortionary monetary policy consistent with Austrian business cycle theory.
