Abstract
Hayek posits that monetary policy alters the capital structures pursued. Job reallocation initiates, implements and operates these structures. A partial adjustment model is estimated using US manufacturing data. The results suggest Hayek's theory to be operative but lacking economic significance.
Original language | English |
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Pages (from-to) | 275-282 |
Number of pages | 8 |
Journal | Economics Letters |
Volume | 89 |
Issue number | 3 |
DOIs | |
State | Published - Dec 2005 |
Keywords
- Job reallocation
- Monetary policy