Monetary Theory and Banking
Essential Texts
Understanding Money Mechanics by Robert Murphy
The Austrian Theory of Money By Murray Rothbard
Human Action by Ludwig von Mises *Pages 395-475*
Theory of Money and Credit by Ludwig von Mises
On the Manipulation of Money and Credit by Ludwig von Mises
The Ethics of Money Production by Guido Hulsmann
The Denationalization of Money by F.A. Hayek
Money, Sound and Unsound by Joseph Salerno
Theory of Money and Fiduciary Media by Guido Hulsmann
Origins of Money and Regression Theorem
On the Origins of Money by Carl Menger
The Theory of Money of Credit by Ludwig von Mises *Pages 30-34/108-123*
Man, Economy and State by Murray Rothbard *Chapter 3*
Human Action by Ludwig von Mises *Pages 398-408/423/606*
Money, Sound and Unsound by Joseph Salerno *Pages 73-87*
Menger’s Theory of Money: Some Experimental Evidence by Peter G.Klein and George Selgin
Carl Menger’s “Money” and the Current Neoclassical Models of Money by Stefan W Schmitz
The Evolution of the Free Banking System by Larry White and George Selgin
How Does Menger Hold Up Today? Evidence from Virtual Worlds by Robert Cavender
Formalizing Menger's 'Origin of Money': Two Tatonnement Examples by Ross M. Starr
The Appearance of Carriers and the Origins of Money by José de J. Noguera
Bitcoin, the Regression Theorem, and the Emergence of a New Medium of Exchange by Laura Davidson and Walter Block
The Menger-Mises Theory of the Origin of Money — Conjecture or Economic Law? by Kristoffer Mousten Hansen
The Relevance of Bitcoin to the Regression Theorem: A Reply to Luther by George Pickering
Debt: The First 5000 Years by David Graeber
*Interview explaining Graeber's Position*
Brad Delong's Responses to Graeber
Hummel on Graeber by David Henderson
The Myth of the Myth of Barter by George Selgin
Have Anthropologists Overturned Menger? by Robert Murphy
David Graeber's Response to my Article by Robert Murphy
Origin of the Specie by Robert Murphy
Murphy Replies to Graeber on Menger and Money by Robert Murphy
Did Debt Exist Before Money? It Doesn't Matter by Michael V. Szpindor Watson
The Quantity Theory of Money
Man Economy and State by Murray Rothbard *Pages 831-842*
Money, Bank Credit and Economic Cycles by Jesus Huerta de Soto *Pages 522-532*
Money, Sound and Unsound by Joseph Salerno *Pages 131-153/204-214*
Theory of Money and Credit by Ludwig von Mises *Pages 168-177*
Deflation
Money, Sound and Unsound by Joseph Salerno *Pages 267-314/595-602*
In Defense of Deflation by Philipp Bagus
Less than Zero: The Case for a Falling Price Level in a Growing Economy by George Selgin
Deflation and Liberty by Jörg Guido Hülsmann
The Causes of Price Inflation & Deflation: Fundamental Economic Principles the Deflationists Have Ignored by Laura Davidson
Deflation: When Austrians Become Interventionists by Phillip Bagus
Deflation and Depression: Is There and Empirical Link? by Andrew Atkeson and Patrick J. Kehoe
Deflation and Economic Growth: The Great Depression as the Great Outlier by Pavel Ryska
Some Thoughts on Price Deflation by Walter Block
Fractional Reserve and Free Banking Controversy
Background:
Human Action by Ludwig von Mises *Chapter 17*
Gold vs Fractional Reserves by Henry Hazlitt
Debate concerning Law and Contract:
The Option Clause in Free-Banking Theory and History: A Reappraisal by Parth J. Shah
Against Fiduciary Media by Hans-Hermann Hoppe, Jorg Guido Hülsmann, and Walter Block
Is Fractional-Reserve Banking Fraudulent? By Walter Block
Fractional Reserve Banking Is Indeed Fraudulent By Laura Davidson
The Case Against Fiduciary Media: Ethics is the Key by Walter Block and Laura Davidson
Time Deposits, Dimensions and Fraud by Walter Block and William Barnett
The Legitimacy of Loan Maturity Mismatching: A Risky, but not Fraudulent, Undertaking by Philipp Bagus and David Howden
A Comment on Barnett and Block on Time Deposit and Bagus and Howden on Loan Maturity Mismatching by Nicolas Cachanosky
Rejoinder to Bagus and Howden on Borrowing Short and Lending Long by William Barnett and Walter Block
The Continuing Continuum Problem of Deposits and Loans by Philipp Bagus and David Howden
Maturity Mismatching and “Market Failure” by William Barnett and Walter Block
Entrepreneurial Error Does Not Equal Market Failure by Philipp Bagus, David Howden, and Jesús Huerta de Soto Ballester
Maturity Mismatching, Ethics and Economics: Rejoinder to Bagus, Howden and Huerta de Soto by William Barnett and Walter Block
The Economic Consequences of Loan Maturity Mismatching in the Unhampered Economy by Laura Davidson
Rothbard on Fractional Reserve Banking: A Critique by Michael S. Rozeff
Deposits, Loans and Banking: Clarifying the Debate by Philipp Bagus, David Howden and Walter Block
Some Ethical Dilemmas of Modern Banking by Philipp Bagus and David Howden
On the Necessary and Sufficient Conditions for Legitimate Banking Contracts by Phillip Bagus
Reassessing the Ethicality of Some Common Financial Practices by Philipp Bagus, David Howden, and Amadeus Gabriel
Legal Tender Laws and Fractional-Reserve Banking by Jörg Guido Hülsmann
The Economic and Legal Significance of “Full” Deposit Availability by Phillip Bagus
The Hubris of Hybrids by Phillip Bagus
Fractional-Reserve Banking and the Double-Title to Property Problem By Andrew Allison
Economic Debate:
Fractional versus 100% Reserve Banking by Morris J. Markovitz
A Theory of Free Banking by George Selgin
Competition and Currency: Essays on Free Banking and Money by Lawrence White
Fractional Reserve Banking: An Interdisciplinary Perspective by Walter Block *Pages 24-31*
Mises and Hayek Dehomogenized by Joseph Salerno
Legal Restrictions, Financial Weakening, and the Lender of Last Resort by George Selgin
Monetary Evolution, Free Banking, And Economic Order by Steven Horwitz
Free Banking: Theory, History, and a Laissez-Faire Model by Larry J. Sechrest
How is Fiat Money Possible? or, The Devolution of Money and Credit by Hans Herman Hoppe
Critical Analysis of Central Banks and Fractional-Reserve Free Banking from the Austrian Perspective by Jesús Huerta de Soto
Free Banking and the Free Bankers by Jörg Guido Hülsmann
Free Banking and Fractional Reserves: A Comment by Pascal Salin
Free Banking and Fractional Reserves: Response to Pascal Salin by Jorg Guido Hülsmann
Hayek, Business Cycles, and Fractional Reserve Banking: Continuing the De-Homogenization Process by Walter Block & Kenneth Garshchina
In Defense of Fiduciary Media—or, We are Not Devo(lutionists), We are Misesians! by George Selgin & Lawrence White
In Defense of Fiduciary Media- A Comment; or, What's Wrong with "Clown" or Play Money? by Walter Block and William Barnett
Against Fiduciary Media by Hans Hermann-Hoppe, Jorg Guido Hülsmann, and Walter Block
A Critical Note on Fractional-Reserve Free Banking by Jesus Huerta de Soto
Credit Creation or Financial Intermediation?: Fractional-Reserve Banking in a Growing Economy by John P. Cochran
Free Banking and Credit Creation: Implications for Business Cycle Theory by John P. Cochran
Why Private Banks and Not Central Banks Should Issue Currency, Especially in Less Developed Countries by Lawrence White and George Selgin
Should We Let Banks Create Money? by George Selgin
Banks Cannot Create Money by Jorg Guido Hulsmann
Ludwig von Mises on the Gold Standard and Free Banking by Jeffrey M. Herbener
Accounting for Fractional-Reserve Banknotes and Deposits— or, What’s Twenty Quid to the Bloody Midland Bank? by Lawrence H. White
Money or Money Substitutes?: Implications of Selgin's Small Change Challenge by Malavika Nair
Has Fractional-Reserve Banking Really Passed the Market Test? by Jorg Guido Hulsmann
Why Didn't Hayek Favour Laissez Faire in Banking? Lawrence H. White
Hayek's Plan for Private Money by Robert Murphy
Why Fractional Reserve Banking Is More Libertarian than the Gold Standard by Jeffrey Rogers Hummel
Block and Me on FRB by Bryan Caplan
Mises and Free Banking -- Why Is There a Debate? by Peter Boettke
Mises and His (Apparent) Call for 100% Reserves by Steven Horwitz
My Comments on Steve Horwitz’s “Mises and His (Apparent) Call for 100% Reserves" by Stephan Kinsella
Selgin Contra Horwitz and White on Mises’s View of Fiduciary Media by Joseph T. Salerno
Fractional Reserve Banking: Some Quibbles by Philipp Bagus and David Howden
Mere Quibbles: Bagus and Howden's Critique of The Theory of Free Banking by George Selign
An Appeal for Better Scholarly Discourse: How Bagus and Howden Have it Wrong on Free Banking by Steven Horowiz and Anthony J. Evans
Unanswered Quibbles With Fractional Reserve Free Banking by Philipp Bagus and David Howden
Still Unanswered Quibbles with Fractional Reserve Free Banking by Philipp Bagus and David Howden
Free Banking and Precautionary Quibbles by Dan Mahoney
Ludwig von Mises as Currency School Free Banker by Joseph Salerno *Pages 95-125*
The Endogenous Stability of Free Banking: Crisis as an Exogenous Phenomenon by Nicholas Cachanosky
100 Percent Reserve Money: The Small Change Challenge by George Selgin
Short Changing 100 Percent Reserves by Mark Thornton
Monetary Orders and Institutions: A Hayekian Perspective by William N. Buto
Austrian Business Cycle Theory: Are 100 Percent reserves Sufficient To Prevent A Business Cycle? by Philipp Bagus
The Definition of Inflation According to Mises: Implications for the Debate on Free Banking by Nicolas Cachanosky
Hayek and Free Banking by George Selgin
Why Fractional Reserve Banking Poses a Threat to Market Stability by Robert Murphy
More Than Quibbles: Problems with the Theory and History of Fractional Reserve Free Banking by Robert Murphy
Ludwig von Mises’s The Theory of Money and Credit at 101 by Lawrence White
The Chicago Plan Revisited by Jaromir Benes and Michael Kumhof
Huerta De Soto’s Concerted Expansion: A Prisoner’s Dilemma in Free Banking by Nicolas Cachanosky
A Proposal of Monetary Reform for Argentina: Flexible Dollarization and Free Banking by Nicolas Cachanosky and Adrian O. Ravier
Mises on Fractional Reserves: A Review of Huerta De Soto's Argument by Nicolas Cachanosky
The Endogenous Stability of Free Banking: Crisis as an Exogenous Phenomenon by Nicolas Cachanosky
100 Percent Reserve Banking and the Path to a Single-Country Gold Standard by Hossein Askari and Noureddine Krichene
Governing the Banking System: An Assessment of Resilience Based on Elinor Ostrom’s Design Principles by Alexander Salter and Vlad Tarko
Historic Debate:
Free Banking in Britain by Lawrence White
The Myth of Free Banking in Scotland by Murray Rothbard
White's Free-Banking Thesis: A Case of Mistaken Identity by Larry J. Sechrest
A Theory of Self-Enforcing Monetary Constitutions With Reference to the Suffolk System, 1825–1858 by Alexander William Salter and Andrew Young
Good Money: Birmingham Button Makers, the Royal Mint, and the Beginnings of Modern Coinage, 1775-1821 by George Selgin
Free Banking: Theory, History, and a Laissez-Faire Model by Larry J. Sechrest *Pages 115-252*
Free Banking in Sweden 1830–1903: Experience and Debate by Erik Lakomaa
Free-Banking and Financial Stability in Peru by Luis Felipe Zegarra
The Law of National Guaranteed Banks in Argentina (1887-1890): Free Banking Failure or Regulatory Failure? by Nicolas Cachanosky
Monetary Disequilibrium Theory
Monetary Disequilibrium Theory: An Unstable Foundation for the Theory of Free Banking by Jeffrey Herbener
A Defense of Free Banking and Monetary Disequilibrium Theory by Justin Merrill
Microfoundations and Macroeconomics An Austrian Perspective by Steven Horwitz
A Subjectivist Approach to the Demand for Money by Steven Hortwitz
Monetary Disequilibrium Theory and Austrian Economics: Further Thoughts on a Synthesis by Steven Horwitz
Against Monetary Disequilibrium Theory and Fractional Reserve Free Banking by Laura Davidson
Monetary Disequilibrium Theory and Business Cycles: An Austrian Critique by Kenneth Zahringer
Measuring Inflation, Stabilization, and Sound Money
Capital, Monetary Calculation, and the Trade Cycle: The Importance of Sound Money by John P. Cochran
Human Action by Ludwig von Mises *Pages 201-232/416-419*
Man Economy and State by Murray Rothbard *Pages 843-851*
Theory of Money and Credit by Ludwig von Mises *Pages 38-49/187-194/413-57*
On the Manipulation of Money and Credit by Ludwig von Mises *Pages 1-102*
Money, Sound and Unsound by Joseph Salerno *Pages 22-27/467-495*
Austrian Critiques of Central Banking
The Case Against the Fed by Murray Rothbard
The Redistributive Politics of Monetary Policy by Louis Rouanet and Peter Hazlett
Floored! How a Misguided Fed Experiment Deepened and Prolonged the Great Recession By George Selgin
Has the Fed been a Failure? by George Selgin
Adverse Effects of Ultra-Loose Monetary Policies on Investment, Growth and Income Distribution by Andreas Hoffmann and Gunther Schnabl
Math Gone Mad: Regulatory Risk Modeling by the Federal Reserve By Kevin Dowd
Incredible Commitments: Why the EMU Is Destroying Both Europe and Itself by George Selgin
Unintended Consequences of ECB Policies by Nicolas Cachanosky and Andreas Hoffmann
Capital Allocation and Productivity in South Europe by Gita Gopinatm, Sebnem Kalemli-Ozcan, Loukas Karabarbounis, and Carolina Sanchez
The Diversity of Debt Crises in Europe by Jerome L. Stein
The Collateral Effects of Political Integration on Credit Growth in the New Member States of the EU by Andreas Hoffmann
The “Greatest” Carry Trade Ever? Understanding Eurozone Bank Risks by Viral V. Acharya and Sascha Steffen
An Overinvestment Cycle in Central and Eastern Europe? by Andreas Hoffman
Economic Growth, Over-Investment and Financial Crisis by Sweta Saxena and Kar-yiu Wong
Central bank balance sheet expansion: Japan’s Experience by Kazumasa Iwata and Shinji Takenaka
The Interest Group Origins of the Bank of France by Louis Rouanet
Ben Bernanke versus Milton Friedman The Federal Reserve’s Emergence as the U.S. Economy’s Central Planner by Jeffrey Rogers Hummel
Nominal GDP stabilization: Chasing a Mirage by Vipin Veetil
The Super-Alertness of Central Banks by Nicolas Cachanosky and Alexander W. Salter
Zero-Interest Rate Policy and the Unintended Consequences in Emerging Markets by Andreas Hoffmann
Monetary Policies of Large Industrialised Countries, Emerging Market Credit Cycles and Feedback Effects by Andreas Hoffmann and Gunther Schnabl
Forbearance Lending: The Case of Japanese Firms by Toshitaka Sekine, Keiichiro Kobayashi, and Yumi Saita
Unnatural Selection: Perverse Incentives and the Misallocation of Credit in Japan by Joe Peek and Eric Rosengren
International Monetary Theory and Institutions
Monetary Nationalism and International Stability by F.A Hayek
From Monetary Nationalism to Monetary Imperialism: Fractional Reserve Banking and Inter-Government Cooperation by Nikolay Gertchev
Monetary Nationalism and International Economic Stability by Andreas Hoffmann and Gunther Schnabl
The Case Against Currency Boards by Nikolay Gertchev
The IMF as a Biased Global Insurance Mechanism: Asymmetrical Moral Hazard, Reserve Accumulation, and Financial Crisis by Phillip Lipscy and Haillie Na-Kyung Lee
Reshaping the Global Financial Architecture: Is There a Role for the IMF? by William Niskanen
Do IMF and IBRD Cause Moral Hazard and Political Business Cycles? Evidence from Panel Data by Axel Dreher and Roland Vaubel
Asian Problems and the IMF by Allan Meltzer
The Economics of the Democratic Deficit: The Effect of IMF Programs on Inequality by Valentin Lang
Measuring Real Economic Effects of Bailouts: Historical Perspectives on How Countries in Financial Distress Have Fared With and Without Bailouts by Michael Bordo and Anna Schwartz
Market Monetarism and NGDP Targeting
The Case for Nominal GDP Targeting by Scott Summer
A Market-Driven Nominal GDP Targeting Regime by Scott Summer
Understanding Money Mechanics by Robert Murphy *Chapter 16*
Hayek's Rule, NGDP Targeting, and the Productivity Norm: Theory and Application by Nicolas Cachanosky
Can NGDP Targeting be Too Loose? by Nicolas Cachanosky
Debt and Incomplete Financial Markets: A Case for Nominal GDP Targeting by Kevin D. Sheedy
Nominal GDP Targeting with Heterogeneous Labor Supply by James Bullard and Aarti Singh
Banking Law and Regulatory Framework
Banking Regulation and Knowledge Problems by G.P. Manish and Thomas Hogan
Extended Shareholder Liability as a Means to Constrain Moral Hazard in Insured Banks by Alexander Salter, Lawrence White, and Vipin Veetil
Governing the Banking System: An Assessment of Resilience Based on Elinor Ostrom’s Design Principles by Alexander Salter and Vlad Tarko
Banking Instability and Deposit Insurance: The Role of Moral Hazard by Harold Ngalwa, Fulbert Tchana, and Nicola Viegi
The Gold Standard
A Brief History of the Gold Standard, with a Focus on the United States by Robert Murphy
The Case for a 100 Percent Gold Dollar by Murray Rothbard
The Gold Standard: Perspectives in the Austrian School by Lew Rockwell
The Case for Gold by Ron Paul
Money, Sound and Unsound by Joseph Salerno *Pages323-419*
Gold, Peace, and Prosperity by Ron Paul
The Gold Standard: A Critique of Friedman, Mundell, Hayek, Greenspan from the Free Enterprise Perspective by Walter Block
Bitcoin and Cryptocurrencies
The Bitcoin Standard: The Decentralized Alternative to Central Banking by Saifedean Ammous
Why Does Bitcoin Have Value? by Jeffrey Tucker
Shelling Out: The Origins of Money by Nick Szabo
Money, Bitcoin and Time by Robert Breedlove
Bitcoin and the Tyranny of Time Scarcity by Robert Breedlove
The Austrian Influences on Bitcoin by Jeffrey Tucker
The Ideological Origins of Bitcoin by Griffin Daughtry
Nobody Owns Bitcoin by Stephan Kinsella