What does the empirical evidence say on the Austrian Business Cycle Theory?
Mougeot and Bismans (2009): “This paper first reviews the essentials of that approach and the recent application of the Austrian business cycle theory in the economics literature. Quarterly data for Germany, USA, England and France, 1980:1 through 2006:1, are used to explore business cycle facts and relations between terms structure of interest rates, relative prices, composition of aggregate expenditure and real GDP. Results are consistent with the hypothesis of the Austrian business cycle theory that monetary policy shocks explain cycles.” 
Keeler (2001) : ” Quarterly data for eight U.S. business cycles, 1950:1 through 1991:1 are standardized by time period and used to explore business cycle facts and relations between money, interest rates, capacity utilization and income. Results are consistent with the hypotheses of the Austrian theory of a business cycle caused by a monetary shock and propagated by relative price changes.” 
Mulligan (2006) finds that the Austrian business cycle theory explains observational regularities of the business cycle very well. 
This research suggests that mainstream economists should actually give the Austrian Business Cycle theory more than a moment’s thought.
That should keep you busy…