Money and Banking

The debate over the Export-Import Bank continues, with the bank’s friends in Congress and other high places claiming that the Bank serves an

Ludwig von Mises (1981; 1998) is generally and properly credited by contemporary Austrians with having reintegrated monetary theory with general economic theory from which it had been severed by the neoclassical quantity theory.

This article has a twofold purpose. Its first goal is to pay tribute to Friedrich von Hayek as an outstanding monetary theorist. Its second objective is to further elaborate, on the ground of Hayek’s main findings,

The practice of fractional-reserve banking is the main factor responsible for the emergence and development of the central bank. 

Free banking is a process where the market makes the ultimate judgment on where to draw the line between money as a present good and money as a future good.

Whether the current recovery will strengthen, which appears to be the prevailing consensus, or whether unforeseen events in the financial arena abort it prematurely, 

The present work is a doctoral dissertation written at the University of Hamburg. It deals with Mises’s work on monetary economics and business cycle theory. 

Complete with an extensive new preface, the republication of Larry Sechrest’s Free Banking is well-timed. The new preface is an important contribution to the ongoing debate within Austrian circles

This paper provides an empirical investigation of the role of monetary policy in the determination of interest rates and consumption as developed by capital-based macroeconomics

It is important that Austrians continue in their endeavor to convince colleagues, policymakers, and the public about the instabilities inherent to a fractional-reserve system.