Friday, 28 November 2014

Journal Articles

“A Note on the Machiavellian Origins of Central Banking in America” – QJAE

Posted by Tom Duncan
May 31, 2011

“In The Mystery of Banking, Murray Rothbard explained how the origins of central banking in the U.S. were rooted in a lobbying effort by Robert Morris and other “nationalists” to create a bank modeled after the Bank of England that would subsidize their businesses with cheap credit and other forms of corporate welfare. This paper […]

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“An Austrian Rehabilitation of the Phillips Curve” – Cato Journal

Posted by Tom Duncan
May 19, 2011

“William Niskanen (2002) estimated a Phillips curve for the United States using annual 1960–2000 data. By adding one-year lagged terms in unemployment and infl ation, he was able to show that this familiar equation is misspecified. In his improved specification, Niskanen found that the immediate impact of inflation is to reduce unemployment, confirming the traditional […]

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“The Federal Reserve System’s Influence on Research in Monetary Economics” – White

Posted by Tom Duncan
May 18, 2011

“The Federal Reserve System is a major sponsor of monetary economics research by American economists. I provide some measures of the size of the Fed’s research program (both inputs and published outputs) and consider how the Fed’s sponsorship may directly and indirectly influence the character of academic research in monetary economics. In particular, I raise […]

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“How Would the Invisible Hand Handle Money?” – Selgin and White

Posted by Tom Duncan
May 13, 2011

“It is easy to note what is absent from a pure laissez faire monetary regime. There is no government control of the quantity of exchange media. There is no state-sponsored central bank. There are not legal barriers to entry, branching, or exit of commercial banks (or non-bank financial institutions, assuming any distinction can be drawn). […]

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“From Pleasant Deficit Spending to Unpleasant Sovereign Debt Crises” – White

Posted by Tom Duncan
May 5, 2011

“Economists have long disagreed seriously about the costs and benefits of government budget deficits and debt. Following the Second World War, a clash between Keynesian and―orthodox fiscal policy views arose. The debate waned as fiscal Keynesianism won the day, then resumed as monetarist and new classical economists challenged Keynesian thinking in the 1970s. Economists became […]

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