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The Distortion Theory of Macroeconomic Forecasting

A Guide for Economists and Investors

An all-in-one-place synthesis of several business cycle theories and a guide for professional investors and corporate economists.

THE AUSTRIAN THEORY Like the monetarist theory (which developed a theory
of the business cycle after it had been used as an explanation of economic
phenomena), the Austrian theory of the business cycle developed from what was
originally a theory of interest rates and their effects on the capital structure.
Application as an explanation of economic fluctuations became obvious since the
central banking mechanism allowed interest rates to be temporarily altered at the
whim of the ...