Business Cycles and Depressions – An Encyclopedia – Ed. David Glasner

This excellent reference is available from Library Genesis in both .epub and .pdf versions.

The topic is central to both providing assistance to readers of Maksakovsky and further developing the theory.

Unfortunately it is now more than 20 years out of date since published in 1997. It will be necessary to get a more current equivalent.

Nevertheless I am doing a preliminary read to become familiar with the scope and prepare links to other related major relevant categories and plans for future individual articles

A second reading will be necessary to create such links with more detailed notes.

There is no Table of Contents for the alphabetically listed Encyclopedia entries.

The Subject Index from the end matter has been copied here instead.

Actual Encyclopedia articles titles have been separated by blank lines from the others. Presumably the missing boldface page numbers will point to these.

In addition headings for each letter of the alphabet that actually has articles have been inserted. (First is C as there were no articles starting with A or B).

The article titles are marked with + when further notes have (or will be prepared) and – when they do not currently appear sufficiently relevant.

Also new article titles marked with * have been inserted for topics that need to have similar notes prepared for links from others, even though there is no actual Encyclopedia entry.

For such additional topics that are not even mentioned in the Subject Index ** has been used.

This is just an interim measure to keep track of initial read. If a current replacement is found it may be abandoned, so this is not being prepared carefully.

Subject Index

The main entry for each topic is listed in boldface.

Boldface and intended indentation has not been successfully cut and pasted from either .epub or .pdf version.

Manually added to some entries but skipped for others.

acceleration principle, 4–6, 65, 296, 505–06
asymmetry of, 307
cause of cycles, 4–6
depreciation, 306
derivation of, 4–5
destabilizing effect of, 4–6, 305
railroad investment and, 84
rigidity of, 84
shipping investment and, 84
See also accelerator; flexible accelerator
accelerator, 4–6, 179, 226, 273, 349, 351, 653
asymmetry of, 4–5
coefficient, 5
and durable-goods investment, 112
and expectations, 5, 337
flexible, 6, 65, 84
investment boom, amplification of, 295
and permanent output, 5
relative prices and, 337
simple, 6
accommodation, 463–64
accumulation. See capital accumulation
adaptive expectations, 116, 479
in cobweb cycle, 101
distributed lag and, 205–06
in econometric models, 553
and error correction, 528
origins of, 528
theoretical justification, lack of, 205–06
Adenauer, Konrad, 156
adjustment costs, 337
administered prices, 545
adverse selection, 189
in deposit insurance, 44
in financial crises, 330–31
riskless real interest rate and, 330
See also efficiency wages
aggregate demand, 301, 600, 690–691
derivation of, 7–8
dynamization of, 9
extensions of, 8
and price level, 8
and unemployment, 607
See also aggregate supply; aggregate supply and demand; effective demand
aggregate-demand externality, 482–83
aggregate supply, 690
curve, slope of, 669–70
derivation of, 7
dynamization of, 9
in early Keynesian models, 530
and money illusion, 8
and Phillips curve, 9
and price level, 8
See also aggregate demand; aggregate supply and demand
aggregate supply and demand, 7–10, 497, 531, 669
aggregation bias, 561–62
aggregation theory, 173–76
aggregator function, 324
agriculture, 10–11
cycle theories based on, 10–11, 341–42, 468, 557, 664–66
declining importance of, 10, 326
depression in, 405
in depression of 1873–79, 148–49
in depression of 1882–85, 150
general business conditions, relation to, 11
in Great Depression of 1873–96, 287–88
in nineteenth-century cycles, role in, 10, 30
price flexibility in, effects of, 11
amplitude, cyclical, 61
animal spirits, 205, 336, 388, 587, 606, 656
arbitrage pricing theory, 661
Arrow-Debreu model, 321–22, 692, 704
asset liquidation, 140
asset-market equilibrium, 374, 645
asymmetry, 5, 21–22, 492
impulse and propagation, consistency with, 251–52
modeling cycles, implications for, 21
and time reversibility, 684–86
attractors, 489. See also strange attractors
attractors, chaotic, 92–94, 97. See also strange attractors
Austrian business-cycle theory, 25–26, 302–03, 373, 440–41, 472, 506
cyclical unemployment, 26
disequilibrium features of, 454
fixed capital, role in, 60

forced saving, 24, 303, 441, 584
interest rates and fixed investment, 121, 452
intertemporal misallocation of resources, 25
labor-market adjustment in, 26
and mainstream economists, 441–42
malinvestment, 25, 441. See also overinvestment
and monetary-disequilibrium theory, 452
and monetary-equilibrium theory, 454
natural rate of interest, 24, 374
and period of production, 522
policy recommendations, 26
relative prices, role in, 452
savings- and credit-induced expansions, 23–24
secondary deflation, 26
uncertainty and expectations, 205
upper turning point, 373
Austrian capital theory, 23–26, 59–60, 82, 302–04, 719–20
Austrian Institute for Business Cycle Research, 302, 439
Austrian National Bank, 119–20
Austro-Marxists, 51
auto-adjustment method, 610. See also seasonal adjustment
autoregressions, 102
autoregressive and moving average(ARMA) processes, 110
autoregressive-integrated moving average (ARIMA)
processes, 228
Ayr Bank, failure of, 122. See also bank failures

BDS statistic, 493–94
BFH plan, 487–88
Bagehot’s rule, 265
balance of payments, 265
balance of trade, 313
balanced budget, 259, 653. See also fiscal policy
balanced-budget multiplier, 234, 296, 499
Bank Charter Act of 1844, 30, 31–32, 117, 245, 252, 262, 410, 472, 502, 693, 696
Bank of England, role under, 32, 127
country banks, effect on, 32
debate over, 31–32, 47–49, 252, 262, 693
financial crises, role in, 32, 36–37, 50, 125–28, 131, 135, 503
practical effect of, 32
suspension of, 32, 36–37, 50, 126–28, 131, 135, 136, 503
bank competition. See banking competition
bank credit, 65, 107, 217, 232, 282. See also credit
bank failures, 42, 44
Ayr Bank, 122
Bank of United States, 42–43
City of Glasgow Bank, 50, 135
Credit-Anstalt, 119–20
Credit Mobilier, 39
Danatbank, 120
Jay Cooke and Company, 133
Johnson-Matthey Bank, 38
Joint Stock Discount Company, 503
Knickerbocker Trust Co., 46, 134–35
Ohio Life Insurance and Trust Co., 128–29
Pole, Thornton and Co., 512
Sir William Eckford’s, 512
Union Générale, 39, 151
Wentworth and Co., 512
Western Bank of Scotland, 131
Bank for International Settlements, 120, 331
bank holiday, 143
Bank Insurance Fund (BIF), 218
bank liabilities, 231–32
bank loans, 43–44
Bank of Amsterdam, 269, 442
Bank of England, 33–38, 41, 151, 409–10, 442, 469, 472–73, 642, 693
Bank Charter Act, role under, 32, 127
bank-rate policy of, 126–27
banking and issue departments, 32, 36, 37, 125, 410, 695
in Baring crisis, 32, 38, 50–51, 135, 504
central bank, role as, 88
countercyclical policy of, 378
and country banks, 344
creation of, 31, 33, 88, 267–68
Credit-Anstalt, assistance to, 120
in crises of 1763 and 1772–73, 33, 122–23
in crisis of 1836, 262
in crisis of 1839, 262

in crisis of 1847, 32, 37, 126–27
in crisis of 1857, 32, 129, 131
in crisis of 1914, 38, 136–37
and cycles, 48
debate about, 36, 47–49
deposit insurance, implicit provision of, 38
depreciation of sterling, responsibility for, 56–57. See also Bullionist Controversies
discount policy of, 40, 301
foreign assistance to, 41, 50
and gold standard, policy under, 37, 265–66, 301
and joint-stock banks, 36, 262
as lender of last resort, 29–30, 33, 51, 131, 457, 502–04
long cycles, role in, 675
monopoly of, 31, 33, 472, 511, 513
Napoleonic Wars, 475–76
in Overend Gurney crisis (1866), 32, 37, 502–04
overissue of notes, 49, 252, 520, 581
owners and directors, incentives of, 34–37
Palmer rule, adoption of, 31
in panic of 1825, 23, 36, 262, 472, 476, 511–13
responsibilities of, 29–30, 31, 37, 51
resumption of convertibility, 34, 36, 47, 476
rivalry with competitors, 37
and South Sea Bubble, 637–39
suspension of convertibility, 22, 31, 34, 56, 475, 520, 680
Treasury, reluctance to provide assistance to, 34
wartime emergencies, role in, 269
See also Bank Charter Act; Banking School, central banking; Currency School and Free Banking School
Bank of France, 39–41, 642
advances to state after 1918, 40
Bank of England, assistance to in crises, 41, 50
Credit Mobilier, role in failure of, 39
in crisis of 1931, 39–40
Currency School principles, adherence to, 41
discount policy in nineteenth century, 40
founding of, 39
and gold standard, 40
Great Depression, role in, 40–41
inflationary practices after 1935, 40
international role of in nineteenth century, 41
as lender of last resort, 39
stabilization of franc in 1926, 41
Union Générale, role in failure of, 39, 151
Bank of Scotland, 502
Bank of the United States, 268. See also Second Bank of the United States
Bank of United States, 42–43
bank portfolios, riskiness of, 44
bank rate, 89, 135, 300, 457. See also discount rate
bank reserves, 79, 221
bank runs, 42, 89, 119, 129, 134, 150, 487, 668
Banking Act of 1935, 222
banking and financial regulation, 43–45, 47, 99, 118, 331–32
banking assets, secondary market for, 45
banking competition, 48–49, 117–18. See also free banking
banking crisis of 1930, 281–83, 285
banking crisis of 1931, 281
banking crisis of 1933, 281
banking panics, 36, 45–47, 89, 128, 133, 143–44
central banking and, 47
clearinghouses, role in, 47, 99, 133
in crisis of 1857, 128
in crisis of 1873, 133
in crisis of 1884, 150
in crisis of 1907, 134–35
and cyclical downturns, 606
debt contracts, role in, 46
in decentralized banking systems, 47, 130
deposit insurance and, 47
Monetarist explanation of, 69
and seasonal fluctuations, 46, 613–15
in unregulated systems, absence of, 117–18, 245–46, 487
Banking Principle, 695
Banking School, 39, 47–49, 117, 246, 252, 262, 581, 628, 693–94
bank deposits, importance of, 117
Bank of England, 36, 38
gold standard, 48, 695
law of reflux, 48–49, 252–53, 556
nonmonetary cycle theory of, 48–49, 253, 693
banking theories of, 44, 55, 231–32, 252–53, 294, 487–88, 627, 635–36, 667–68
bankruptcy, 77, 121, 124, 140
banks, 231–33, 487–88, 666–68
base money, effect on demand for, 231–32
commercial, 263–64

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