In the years following its publication, F A Hayek’s pioneering work on business cycles was regarded as an important challenge to what was later known as Keynesian macroeconomics. Today, as debates rage on over monetary origins of the current economic and financial crisis, economics are once again paying heed to Hayek’s thoughts on the repercussions of excessive central bank interventions. Business Cycles, Part II assembles twelve of Hayek’s shorter papers on the topic, ranging from 1920s to 1981, his final word on the subject. They include four previously unpublished works.