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dc.contributor.authorHoffmann, Andreasen_US
dc.contributor.authorSchnabl, Guntheren_US
dc.date.accessioned2009-12-18en_US
dc.date.accessioned2010-05-14T08:20:15Z-
dc.date.available2010-05-14T08:20:15Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/30494-
dc.description.abstractThe business cycles theories of Wicksell (1898), Schumpeter (1912), Mises (1912), Hayek (1929, 1935) and Minsky (1986, 1992) explain business cycles by distorted prices on capital markets, buoyant credit expansion and overinvestment. The exuberance during the boom endogenously causes the subsequent slump. While these theories put the emphasis on explaining the emergence of the cycle, this paper focuses on the macroeconomic policy responses during and after the crisis, when panic tightens credit supply. The paper allows an assessment of the long-term consequences of an asymmetric monetary and fiscal policy response to financial crisis.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper 2855en_US
dc.subject.jelB53en_US
dc.subject.jelE32en_US
dc.subject.jelE44en_US
dc.subject.jelE63en_US
dc.subject.ddc330en_US
dc.subject.stwKonjunkturtheorieen_US
dc.subject.stwFinanzmarktkriseen_US
dc.subject.stwKonjunkturpolitiken_US
dc.subject.stwMakroökonomischer Einflussen_US
dc.subject.stwTheorieen_US
dc.titleA vicious cycle of manias, crashes and asymmetric policy responses : an overinvestment viewen_US
dc.typeWorking Paperen_US
dc.identifier.ppn61534285Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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