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