A ECONOMIA BRASILEIRA SOB O ENFOQUE DA TEORIA AUSTRÍACA DOS CICLOS ECONÔMICOS (2004 A 2019)

Authors

  • Augusto Luiz Heck Barros Unila
  • Cristiano Stamm
  • Luiz Alberto Cypriano

Abstract

The aim of this study is to analyze how the Austrian Theory of Economic Cycles explains the effects of changes in the money supply by the Central Bank on the intertemporal structure of production of the Brazil's economy between the years 2004 and 2019. The Austrian Theory of Cycles Economic is the theory of the unsustainable boom. The artificial expansion of currency and credit conducted by the central bank distorts interest rates and stimulates the intertemporal misallocation of capital, thereby creating artificial expansion. As the monetary authority is forced to restrict monetary policy due to the inflationary pressure caused by the general restriction of resources, the capital misallocation is revealed. Econometric modeling was used to aid the results, specifically the Toda-Yamamoto (1995) approach for testing Granger causality. The results found support the theory of economic cycles by Mises and Hayek. According to the data, there is evidence that the manipulation of the money and credit supply directly affects the production structure of the economy, in addition to aggregate industrial production, gross domestic product and the level of utilization of installed capacity.

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References

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Published

2021-05-28

How to Cite

Luiz Heck Barros, A., Stamm, C. ., & Alberto Cypriano, L. (2021). A ECONOMIA BRASILEIRA SOB O ENFOQUE DA TEORIA AUSTRÍACA DOS CICLOS ECONÔMICOS (2004 A 2019). Revista De Economia Mackenzie, 18(1), 192–219. Retrieved from http://editorarevistas.mackenzie.br/index.php/rem/article/view/13950

Issue

Vol. 18 No. 1 (2021)

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Artigos

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