Abstract

GOMEZ BETANCOURT, Rebeca. LA TEORÍA DEL CICLO ECONÓMICO DE FRIEDRICH VON HAYEK: CAUSAS MONETARIAS, EFECTOS REALES. Cuad. Econ. [online]. 2008, vol.27, n.48, pp.47-69. ISSN 0121-4772.

This article proposes a parallel reading of two texts: Monetary Theory and the Trade Cycle (1929) and Prices and Production (1931). The aim is to present the young Hayek´s business cycle theory as a congruent theoretical whole. Both texts possess a complementary thematic unity, which represents the thinking of the young Hayek. This reading emphasizes the distinction between the roles played by real and monetary factors in the coherence of his theory. Even if Hayek demonstrates that money is not neutral, because there is variation in the structure of relative prices, his purpose was to prove the neutrality of money.

Keywords : Hayek; prices; neutrality; cycles; real effects; monetary effects.

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