One of the leading figures of the Austrian School is by far Ludwig von Mises. Known better for his findings regarding the relationship between money, prices and interest, Mises brought originality and a new perspective over the monetary policy. This paper is a tribute to the philosopher Mises,...

This paper addresses the question of whether and how long-term financial trends may have modified the transmission mechanism from monetary policy decisions to economic activity. The focus is on longterm changes, abstracting from the disruptions created by the 2007-08 financial turmoil which are...

Most authors have attributed the real effects of money in the short run either to mistaken expectations or to non-market clearing or both. In this paper we argue that neither of these channels is needed to explain the facts. We show that a competitive market clearing model in which money enters...

Out of the two types of monetary policy interventions – along with passive ones – active interventions are bettter used in order to increase the performances of a real economy. This was the main field of focus for the swedish economist Knut Wicksell. The aim of this paper is to present a...

Out of all the ideas and assumptions regarding the money and monetary theory, the classical liberalism was the first major paradigm that contributed to the development of the quantity theory of money. This paper aims to express the first steps made by the Classical School economists in...

In recent years, there has been a renewed interest in the fact that a change in exchange rates has an impact on main economic indicators and therefore on macroeconomic performance. The aim of this paper is to study the implications of the relationship between exchange rates and changes in...

This volume of papers, articles, and essays by the late Nobel Prize-winning economist Franco Modigliani contains writings published during the last decade of his life as well as three seminal earlier papers on the life-cycle hypothesis. As in the previous Collected Papers, the writings are...

This article aims at analysing the relationship between conventions and monetary policy using both the post-Keynesian and the French-conventions-school approaches, treated as complementary; and stressing the design of monetary policy frameworks (for example, inflation targeting) and the setting...

This investigation aims to explain and quantify the deviations of the Taylor Rule. A novel three-step econometric procedure designed to reflect the data-rich environment in which central banks operate is proposed using information for 229 macroeconomic series. This procedure can be applied to...