institutions and a critique of internationally sponsored economic stabilization policies. The first section offers a presentation of Hayek’s early monetary thought, especially in the policy area of monetary nationalism. This presentation, even though a due tribute to voluntary exchanges, are subject to the rules of both horizontal and vertical competition. On the one hand, different commodities can be competing for fulfilling
to revolve around the interplay between the political sphere and national monetary policies on an international scale, but this insight remains latent throughout their the geopolitical history of the world can be read through the history of monetary policy, or perhaps, that the history of monetary policy is mirrored in the history of the golden fetters of the pre-WWI gold standard. While discussing monetary competition between London and New York, they fail to pinpoint the nature of this
where business venture becomes largely a speculation on the future of monetary policy. (p. 55) If we examine the balance sheet of the US Federal Reserve (Fed), we 20th century. During their times labor, capital, and commodities markets were competitive with no customs barriers, no government-set prices and wages, no central taxation, and oversized government. Simons (1947) lamented the erosion of competition, and the institutions that control capital and labor market. He was
or a combination of both. KEYWORDS: Federal Reserve, transparency, monetary policy, policy objectives and coordination JEL CLASSIFICATION: E52, E58, E61, E65, of the United States) and when democratically elected officials face insignificant competition, private-interest outcomes will dominate public-interest outcomes. More
In Part IV, Salin concludes his investigations with a brief analysis of monetary policy, monetary crises, and monetary integration. From the beginning, the building Part II with a pointed analysis of the balance-of-payments—or external equilibrium—policies. He shows that such policies are “doomed to failure because [they are] based of money, substitution of pseudo-independence to an external control by competition, and the use of a compulsory and constructivist process instead of a
developed economies. I employ an autoregressive distributed lag model to find that policy-induced deviations from the natural rate of interest increases roundaboutness. 1933). In fact, profit-maximizing investors must increase their lending or their competition will (King 2016). The incentive for the individual makes the collective
disaster . Furthermore, we contend that systematic political collusion—not just policy error—was a critical ingredient in this unprecedented series of frauds. (Mayer, Duesenberry, and Aliber, 1990, p. 96). Another phenomenon was non-price competition. Barred from competing on the basis of interest rates, banks and thrifts
ear. He also acquired the public’s (due to his successful inflation-fighting policies). When de Gaulle attacked the dollar at a press conference in early 1965, blamed the current economic crisis on inadequate regulation and too much competition. There are over 100 regulatory agencies that supposedly oversee the
non-governmental economists from the G-10 (currently academics with prior public policy experience) defined liquidity, adjustment and confidence and worked through that downward price and wage adjustments could be enforced by proper monetary policies “without undue hardship,” while the latter stressed that downward price and p. 561) and addressed opportunity costs in “Eight Questions on Gold” (1941), “Competition, Pliopoly and Profit” (1942), and The Production and Distribution of
political campaigns, and Glass took note of Leffingwell’s comments on banking policy.[28] When Roosevelt asked Glass to be Secretary of the Treasury, Glass many others, believed that Strong had too much power and that his expansionist policies were the cause of the stock market boom as well as the excessive speculation 17–30. Ferguson, T. 1984. “From Normalcy to New Deal: Industrial Structure, Party Competition, and American Public Policy in the Great Depression.” International
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