Banking and Monetary Policy from the Perspective of Austrian Economics

Description

This book discusses contemporary banking and monetary policy issues from the perspective of the Austrian School of Economics. Based on the heritage of the Austrian school, leading scholars and practitioners offer a coherent diagnosis and analysis of the factors leading to Europe’s current financial crisis. The first part of the book discusses Ludwig von Mises’s and Friedrich August von Hayek’s ideas on banking and monetary policy from both historical and economic standpoints. It includes contributions on Austrian monetary dynamics and micro-foundational business cycle theory, von Mises’s concepts of liquidity and solvency of fractional-reserve banks, and liberalism of Austrian economics. The second part analyzes the measures taken by the European Central Bank (ECB) in light of the ideas of von Mises and Hayek. It includes contributions on non-neutrality of money, ECB monetary policy, and the future of the ECB. The third and final part presents discussions on monetary reforms, including contributions on Bitcoins, Cryptocurrencies and anti-deflationist Paranoia. Front Matter ....Pages i-xii Introduction (Annette Godart-van der Kroon, Patrik Vonlanthen)....Pages 1-22 Front Matter ....Pages 23-23 Mises’ Monetary Theory (J. G. Hülsmann)....Pages 25-48 Money: Capital Good, Consumers’ Good, or (Media of) Exchange Good? (William Barnett II, Walter Block)....Pages 49-64 The Trend of Economic Thinking on Markets and Money: What Is Hayek’s Position on These Issues? (Makoto Nishibe)....Pages 65-81 Front Matter ....Pages 83-83 What Is Wrong with the 2% Inflation Target? (Brendan Brown)....Pages 85-101 Unintended Consequences of ECB Policies in Europe (Andreas Hoffmann, Nicolas Cachanosky)....Pages 103-126 The Failure of ECB Monetary Policy from a Mises-Hayek Perspective (Gunther Schnabl)....Pages 127-152 Hayek and Mises on Neutrality of Money: Implications for Monetary Policy (Arkadiusz Sieroń)....Pages 153-165 Managing Decline by Expanding Government: The Case of Germany (Erich Weede)....Pages 167-192 Front Matter ....Pages 193-193 Anti-deflationist Paranoia (Jesús Huerta de Soto)....Pages 195-206 The Reconsideration of Hayek’s Idea on the De-nationalization of Money: Taking the Growing Tendency of Digital Currencies in Consideration (Chikako Nakayama)....Pages 207-221 Cryptocurrencies from an Austrian Perspective (Alistair Milne)....Pages 223-257 Blockchain: The New Intellectual Battleground Within Economics (Max Rangeley)....Pages 259-280