Fed Policy
by Jerry O’Driscoll Fed Chairman Jerome Powell testified to the Senate Committee on Banking, Housing, and Urban Affairs. It was the semi-annual testimony mandated by the Humphrey–Hawkins Act. Powell’s...
View ArticleGlasner: “Hayek, Hicks, Radner and Three Equilibrium Concepts”
David Glasner has posted his paper on “Hayek and equilibrium concepts” on SSRN. An earlier version of this fascinating paper was presented at the History of Economics Society in Toronto in 2017 and the...
View ArticleDon’t Trust the CPI – Inflation is Hidden Somewhere Else!
by Gunther Schnabl Both in Europe and in the US, interest rates have fallen to still very low levels and central banks have used unconventional measures to stimulate the economy. Nevertheless,...
View ArticleThe Virtues of the Market: Wilhelm Röpke as a Cultural Economist
Patricia Commun / Stefan Kolev (eds.): Wilhelm Röpke (1899-1966). A Liberal Political Economist and Conservative Social Philosopher, Springer, Cham 2018, 272 pages, 123 Euro. by Erwin Dekker...
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Turkey’s Nominal GDP: No Recession?
These days many commentators suggest that in Turkey a recession is on the way. But nominal GDP has continued to grow along trend. Market monetarists, Keynesians, and some Hayekians believe that NGDP...
View ArticleThe Ride-Hailing Vehicle Cap
by Liya Palagashvili About two weeks ago, City Council in New York City voted to ban ride-hailing services (Uber, Lyft, Via, Juno) from adding new drivers for a year—with the exception of wheelchair...
View ArticleSelgin on Money Creation
by Andreas Hoffmann George Selgin has a much-discussed post over at Alt-M. I agree with most of it. However, I am puzzled by the following statement: Austrian accounts of the money-creation process...
View ArticleThe Irrelevance of Deposit Creation for Prices and Allocation: Comments on...
by Arash Molavi Vasséi In a previous post, Andreas refers to George Selgin’s recent discussion of the place of fractional reserve banking in the Austrian Business Cycle Theory (ABCT). There, Selgin...
View ArticleThe Geneva School and its Ordoglobalists
by Stefan Kolev Four cities are usually considered the birthplaces of neoliberalism: Vienna, London, Chicago, and Freiburg. In his new book, “Globalists. The End of Empire and the Birth of...
View ArticleTen Years After Lehman: An Interest-Rate Perspective
by Edward Chancellor* Back in November 2002, Ben Bernanke, then a governor of the Federal Reserve, attended Milton Friedman’s 90th birthday party. In his writings, the legendary monetarist had pinned...
View ArticleTen Years After Lehman (2): Bubbles Galore & Zombies
by Edward Chancellor* In 1776, the English man of letters Horace Walpole observed a “rage of building everywhere”. At the time, the yield on English government bonds, known as Consols, had fallen...
View ArticleTen Years After Lehman (3): The Haves
by Edward Chancellor* The Greek philosopher Aristotle attacked the charging of interest on grounds that lenders demanded more money in return than they supplied. This ancient prejudice against interest...
View ArticleTen Years After Lehman (4): Chinese Imports
by Edward Chancellor* Interest rates in China may never have turned negative, as they did in neighbouring Japan. Yet China’s economy has also become distorted by the decade of easy money since the 2008...
View ArticleDistributional Effects of Monetary Policy: An Opportunity for Austrian Economics
by Sebastian Müller For a long time, Austrian macro had a unique selling point in what might be called the ‘money matters’ view: referring to the notion that changes in the money supply by their very...
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The ECB Creates Jobs for Central Bankers Instead of Safeguarding Financial...
by Karl-Friedrich Israel and Gunther Schnabl The ECB’s zero and negative interest rate policy continues despite the economic upswing. An interest rate hike is not expected before autumn 2019. The...
View ArticleMost Popular Posts of 2018
We published lots of new posts in 2018. Some have received more attention than others. Below you find the 5 most popular new posts of 2018: My appreciation of Mario Rizzo on his 70th birthday (See: A...
View ArticleUnlike the Fed the ECB Leaves Euro Area Banks Unprepared for the Downswing
Gunther Schnabl and Thomas Stratmann Ten years after the outbreak of the global financial crisis, banks in the euro area have not recovered. The Euro Stoxx Financials is 65% below the pre-crisis peak,...
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New Book: ESCAPING PATERNALISM
by Mario J. Rizzo and Glen Whitman Book description The burgeoning field of behavioral economics has produced a new set of justifications for paternalism. This book challenges behavioral paternalism on...
View ArticlePROMARKET – Economic History series: “Power is Evil in Itself”
PROMARKET has launched a new Economic History series. Stefan Kolev’s fabulous first article of the series discusses “The Ordoliberal Quest for a Privilege-Free Order“. Reading recommendation!
View Article“Old Chicago” and the Freiburg School
Stefan Kolev and Ekkehard Köhler have published a paper in the Working Paper Series of the Stigler Center at the University of Chicago on the history of the politico-economic proximities between the...
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