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dc.contributor.authorHoffmann, Andreasen
dc.contributor.authorSchnabl, Guntheren
dc.date.accessioned2009-12-18-
dc.date.accessioned2010-05-14T08:20:15Z-
dc.date.available2010-05-14T08:20:15Z-
dc.date.issued2009-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x2855en
dc.subject.jelB53en
dc.subject.jelE32en
dc.subject.jelE44en
dc.subject.jelE63en
dc.subject.ddc330en
dc.subject.stwKonjunkturtheorieen
dc.subject.stwFinanzmarktkriseen
dc.subject.stwKonjunkturpolitiken
dc.subject.stwMakroökonomischer Einflussen
dc.subject.stwTheorieen
dc.titleA vicious cycle of manias, crashes and asymmetric policy responses : an overinvestment view-
dc.typeWorking Paperen
dc.identifier.ppn61534285Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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