Nicolás Cachanosky
The War on Cash: What Do You Have to Hide?
Banning cash is inconsistent with the liberal tradition. It is the way of despots.
Separating the Technology of Bitcoin from the Medium of Exchange
The high price of bitcoin serves as a reminder of its rigid supply, which might ultimately be its undoing.
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 […]
Unintended Monetary Policy Effects – Tale II: ECB Crisis Policies
The Federal Reserve’s (Fed) and European Central Bank’s (ECB) policy responses to the recent financial disasters offer two tales of unintended consequences. Our previous post outlined the undesired effects of […]
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 […]
Two Tales of Unintended Consequences of Monetary Policy – Tale 1
Even when a policy is successful in achieving its desired ends, we have to consider its unintended and unforeseen consequences, resulting from cumulative market adjustments to policy changes that make […]
The Rule of Law vs the Rule of Experts
Our worldviews shape the ways in which we approach problems, challenges, and questions. Our “worldviews,” as I refer to them in this post, are so deeply embedded in our minds […]
