During times of economic crises, the public policy response is to abandon basic economic thinking and engage in ‘emergency economic’ policies. We explore how the current financial crisis was in part caused by previous emergency economic measures. We then investigate the theoretical...

This paper discusses the unique features of Austrian economics and some of the recent contributions of this school of thought. We organize these contributions in different research “buckets” in the hope that this will be a useful guide to readers while demonstrating the ongoing relevance of...

The authors offer perspective on the world financial crisis. Specifically, they claim it was a perfect storm of policy errors that caused the housing bubble and then perpetuated the recovery period into an over-extended recession

For the last two decades, non-US firms have lower valuations than similar US firms. We study the evolution of this valuation gap to assess whether financial markets are less integrated after the 2008 global financial crisis (GFC). The valuation gap for firms from developed markets increases by...

This paper examines the use of credit derivatives by US bank holding companies from 1999 to 2003 with assets in excess of one billion dollars. Using the Federal Reserve Bank of Chicago Bank Holding Company Database, we find that in 2003 only 19 large banks out of 345 use credit derivatives....

Roger Garrison has played a key role in advancing ideas in Austrian macroeconomics throughout his career. As contributors to this symposium, we discuss a number of “Garrisonian wisdoms” that have provided important lessons for economists in navigating a “middle ground” and seeking...

Elinor Ostrom (1933–2012) influenced fields ranging from institutional analysis to metropolitan service delivery, from federalism and theories of polycentric orders to common-pool resource management and sustainable development. Her seminal book, Governing the Commons: The Evolution of...