The Role of Shadow Banking in the Business Cycle
The history of shadow banking development confirms Mises’s thesis that each government intervention leads to unintended consequences.
Monetary Theory
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Anderson, Hazlitt, and the Quantity Theory of Money
It was Benjamin Anderson who injected in Hazlitt a radical distaste of inflationary policies and paper money.
Problems With the Market Monetarist Approach to “Explaining” the Economy
Scott Sumner's Market Monetarist framework is seductively simple, but relies on a definitional trick.
Monetary Fallacies and Inflationary Bubbles
The relevancy of Mises’ analysis to today’s monetary and financial situation.
Why Fractional Reserve Banking Poses a Threat to Market Stability
Mises advocated free banking because he thought it would restrain fractional reserve banking, which he viewed as the cause of unsustainable booms.
The Specific Value of Money
"Different people and the same people at different times value the same objective facts in a different way."
Rothbard’s Monetary Thought
An overlooked volume of essays deals with Rothbard's monetary thought. Martin Stefunko regards it as mixed but valuable.
The Fateful Wish for Price Stability
Price stability is a scheme dreamed up by central bankers and other interventionists in an effort to circumvent markets.
Central Bank Musical Chairs
Reversing trillions of dollars of securities purchases will create turmoil. And now that price inflation is in equation, the ride will be bumpy.
What Is Optimal Monetary Policy, Anyway?
Economists usually sneak in their own value judgments when claiming they are for objectively "optimal" monetary policy.
