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Taking Hayek Seriously. Economists Barry Eichengreen & Kris Mitchener are taking Hayek seriously in their working paper "The Great Depression as a Credit Boom Gone Wrong" (pdf). Major empirical finding: those nations with the biggest credit expansions in the 1920s were hit with the largest economic contractions in the 1930s.

Eichengreen & Mitchener also echo "Austrian" macro econs like Roger Garrison and Friedrich Hayek in emphasizing that the full depth and length of the 1930s depression is best explained by a multiplicity of factors, and certainly isn't solely explained by the height of the antecedent credit expansion of the 1920s.