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M-PESA Goes Global

– November 19, 2017

Customers can now send mobile money to those on competing networks.

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Why Do Central Bankers Change Their Tune?

– November 15, 2017

If we want sound money, we cannot afford to ignore the political process.

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Separating the Technology of Bitcoin from the Medium of Exchange

– November 7, 2017

The high price of bitcoin serves as a reminder of its rigid supply, which might ultimately be its undoing.

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Central Bank Independence and a Trumped Up Fed

– November 7, 2017

Economists might wish it were otherwise, but the Fed is not independent.

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Do the Origins of Money Matter?

– November 2, 2017

A whirlwind tour through alternative theories would seem to suggest one fits much more comfortably with a pro-liberty worldview than another.

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Liquidity and Endogenous Money

– November 2, 2017

Financial innovation reduces the costs of transacting and storing wealth.

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Economizing on Cash Balances

– November 2, 2017

Cash can be converted to goods all but instantly, but provides the holder of cash no interest.

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Second Thoughts on Indian Demonetization

– November 1, 2017

Indians accomplished in mere months something that took Europeans ten years.

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Knowledge Problem in Central Banking – Part II

– August 3, 2017

The previous post presented Hayek’s knowledge problem in the context of the economic calculation debate under socialism. We discussed the distinction (sometimes overlooked) between information and knowledge . To sum up, information is ob …

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Knowledge Problem in Central Banking – Part I

– August 2, 2017

In my previous posts, Andreas Hoffmann and I discussed the problem of unintended consequences in monetary policy, particularly as applied to the U.S. Federal Reserve and the European Central Bank in the context of the 2008 crisis. This post tackles a r …

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The Inflation Tax

– July 20, 2017

Can you name an official at a major central bank who expresses worries that inflation is now, or soon will be, too high?  Can you identify any financial publication–even the Wall Street Journal–that does not report that recent inflation data have bee …

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The Regression Theorem: In Light of Bitcoin

– July 19, 2017

Contra Mises, explicit coordination might be used to launch an intrinsically worthless item. Such a view is in line with standard models of money employed by economists today. Coordination also seems to have played a role in launching bitcoin.

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