caa a22 4500 445359978 CHVBK 20180317142912.0 cr unu---uuuuu 170323e20110301xx s 000 0 eng 10.1007/s11138-010-0126-0 doi (NATIONALLICENCE)springer-10.1007/s11138-010-0126-0 Young Andrew Department of Economics, West Virginia University, 26506-6025, Morgantown, WV, USA aut Illustrating the importance of Austrian business cycle theory: A reply to Murphy, Barnett, and Block; A call for quantitative study [Elektronische Daten] [Andrew Young] Murphy et al. (2009) criticize Young's (2005) test of Austrian business cycle theory (ABCT) using US industry-level quarterly job reallocation data and the federal funds rate as a monetary policy indicator. I argue that not only are Murphy et al.'s specific criticisms misguided; more importantly, they all but completely rule out the type of empirical study that Young (2005) advocates: specifically, one that (1) is quantitative and distinguishes between statistical and economic significance and (2) attempts to exploit a hypothesis that is both a prediction of ABCT and not a prediction of competing monetary theories of the cycle. I argue that empirical studies embodying (1) and (2) are critical to ABCT as a research program. Furthermore, I review the existing econometric studies of ABCT from the last 10years and conclude that there is much room for improvement along these lines. Springer Science+Business Media, LLC, 2010 Austrian business cycle theory nationallicence Econometric methodology nationallicence The Review of Austrian Economics Springer US; http://www.springer-ny.com 24/1(2011-03-01), 19-28 0889-3047 24:1<19 2011 24 11138 https://doi.org/10.1007/s11138-010-0126-0 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11138-010-0126-0 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Young Andrew Department of Economics, West Virginia University, 26506-6025, Morgantown, WV, USA aut NATIONALLICENCE 773 0- The Review of Austrian Economics Springer US; http://www.springer-ny.com 24/1(2011-03-01), 19-28 0889-3047 24:1<19 2011 24 11138 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer