Monetary Policy after the Great Recession: The Role of Interest Rates Arkadiusz Sieron New York: Routledge, 2020, xviii + 230 pp. Nikolay Gertchev (ngertchev@gmail.com) holds a PhD in economics from the University of Paris 2 Panthéon-Assas and currently lives in Belgium, where he works for an international organization. In his second book,
Abstract: This article reviews the analytical justification, the theoretical content, and the practical experience of inflation targeting, which has become the standard framework for monetary policy. It shows that due to the inflation-targeting literature’s neglect for the money demand as part of the monetary relation that drives price
This article contains two parts that correspond to the two main fields of monetary theory. The first part examines the evolution of Mises’s analysis of the value of money, and the second part investigates developments in his banking theory. Volume 18, Number 3 (2004) Gertchev, Nikolay. “Dehomogenizing Mises’s Monetary Theory.” Journal of
Volume 5, No. 4 (Winter 2002) The authors argue that a currency board is a creation of the state, aiming at granting particular political favors,and purposefully designed to secure the reappearance of an independent domestic money producer. A currency board establishes a foreign fiat money standard enforced by legal tender laws for its bank
Volume 6, No. 4 (Winter 2003) This three-volume collection, edited by William Rees-Mogg and published in 2002 by Pickering and Chatto presents, in more than 949 pages, essays and excerpts from books written by 19 of the most remarkable monetary theorists from the sixteenth century to the present. Sir Rees-Mogg’s selection begins with
Volume 9, No. 1 (Spring 2006) The book Deflation: Current and Historical Perspectives , dedicated to the history and economics of the phenomenon of falling prices, is composed of 11 contributions by 20 economists from two major conferences on this scarcely investigated topic that were held in April 2000 at Claremont McKenna College and in
The Nobel Prize in Economics is considered the ultimate consecration that an economist could receive from his fellow peers. Hence, to cast a critical opinion on the Prize, rather than on the views of a particular laureate, implies a critical attitude toward the entire economics profession as it has developed at least for the last 40 years.
Volume 16, No. 2 (Summer 2013) 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 deficiencies of the contemporary monetary order, namely by presenting the phenomenon of monetary
Volume 10, No. 4 (Winter 2007) In contemporary economic theory, and especially in macroeconomics, expectations are being given a central place. There is virtually no economic model that does not examine how, within a dynamic perspective, the explicit account of individuals’ expectations qualifies the conclusions of the static analysis. To a
With the dollar down and gold up, both trends obviously related to growing fear of economic troubles ahead, the question again arises: why shouldn’t the dollar itself be defined as a fixed quantity of gold? It would be if the views of the classical liberal tradition held sway. This tradition stands solidly behind a commodity money standard, like
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.
