Monetary Economics
Monetary policy influences inflation, employment, and economic activity. A stable but dynamic monetary system is vital for supporting economic growth, individual liberty, and a prosperous society. Therefore, we examine the causes and consequences of monetary policy (including inflation), identify ideal and practical steps towards a better monetary policy regime, and look at monetary alternatives and financial regulation.
Research Publications for Monetary Economics
General Institutional Considerations of Blockchain and Emerging Applications
PC Earle, DM Waugh
The Emerald Handbook on Cryptoassets: Investment Opportunities and …, 2023
TL Hogan
OP-1793,'Principles for Climate-Related Financial Risk Management for Large …, 2023
Cryptocurrencies, Blockchain, and Public Choice
RM Yonk, D Waugh
Cryptocurrency Concepts, Technology, and Applications, 2023
Book Review: Money and the Rule of Law: Generality and Predictability in Monetary Institutions
PC Earle
Quarterly Journal of Austrian Economics 24 (4), 2022
On the origins of cryptocurrencies
WJ Luther, N Sridhar
A Modern Guide to Austrian Economics, 200-215, 2022
Seigniorage payments and the Federal Reserve’s new operating regime
BP Cutsinger, WJ Luther
Economics Letters 220, 110880, 2022
Articles
El Salvador Is Not the Birthplace of Bitcoin’s Future
“Imposing the use of Bitcoin by force through a software oligopoly–through a scheme which may ultimately pose a threat to the entire El Salvadoran economy–is almost as far from Satoshi’s Bitcoin objectives as the fiat dollar is.” ~ Peter C. Earle
This Claim of Market Failure Deserves No Credit
“If you who claim to identify a market failure could, but don’t, voluntarily put your own money where your mouth is in an attempt to address that alleged failure, why should anyone listen to your pleas for government to coercively put other people’s money where your mouth is?” ~ Donald J. Boudreaux
Where Economics and Management Studies Overlap: A Brief Review of Austrian Perspectives on Entrepreneurship, Strategy, and Organization
“Elements is a good refresher for people who haven’t thought about it in a while, and I think it’s also a good jumping-off point for teachers looking to organize lectures and classroom activities. Yes, markets tend toward equilibrium, but this Element points us to the journey, and that’s where all the entrepreneurial action is.” ~ Art Carden
Problems of Federal Reserve Policy—and How to Solve Them
“To stabilize the economy, informed citizens must study the faults of discretionary central banking and call for reforms to protect against them. ‘Money and the Rule of Law’ accomplishes the first goal. The second is up to us.” ~ Thomas L. Hogan
Is the Fed Paying Banks Not to Lend?
“The evidence shows that banks treated excess reserves as a profitable alternative to loans. High rates of IOER caused them to increase reserve holdings and decrease their loan allocations. The Fed was indeed paying banks not to lend.” ~ Thomas L. Hogan
Why Do Inflation Expectations Matter?
“Powell is telegraphing to the market that he hears their concerns about inflation. We will have to wait through the next several months to learn whether or not investors will be convinced.” ~ James L. Caton