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Ryan H. Murphy

The Plucking Model, the Great Recession, and Austrian Business Cycle Theory

Quarterly Journal of Austrian Economics

Author: Ryan H. Murphy

Online Publish Date: April 30, 2015

Category: Business Cycles

Volume 18, Number 1 (Spring 2015) ABSTRACT : This brief note points out that Milton Friedman’s “Plucking Model” has not held following the Great Recession. Friedman argued that the Plucking Model offered evidence against theories like Austrian Business Cycle theory; the bust was what needed explanation, not the boom. But as many economists have

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