Monetary Theory and Banking | Austrian Library

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

Bitcoin Resources Website