Nicolas Cachanosky

The Futures of Bitcoin

There’s a lot of talk about bitcoin futures markets these days. And for good reason.

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Knowledge Problem in Central Banking – Part II

The previous post presented Hayek’s knowledge problem in the context of the economic calculation debate under socialism. We discussed the distinction (sometimes overlooked) between information and knowledge. To sum up, information is […]

Knowledge Problem in Central Banking – Part I

In my previous posts, Andreas Hoffmann and I discussed the problem of unintended consequences in monetary policy, particularly as applied to the U.S. Federal Reserve and the European Central Bank […]

The Monetary Policy Blinders

I just read Ben Bernanke’s “The Federal Reserve and the Financial Crisis.” The book was actually published in 2013, and it contains his 2012 lectures at George Washington University. It […]

Cantillon Effects and Money Neutrality

Money neutrality is a key principle in monetary economics. As might seem obvious, the amount of goods that can be produced depends on the availability of factors of production (such as capital and labor) and on technological knowledge.

Fed’s Balance Sheet, IOR, and Uncertainty

It seems likely that in the coming months monetary policy discussion will start focusing on the problem of shrinking the Fed’s balance sheet. A particular challenge of shrinking the Fed’s […]