The present work offers a review on two divergent schools of thought regarding the subject of money and highlights why understanding it is important to grasp the workings and nature of the concept of money. We adopt a spontaneous order perspective on social institutions, considering money as...

This study investigates the impact of Federal Reserve monetary policy decisions and communication on global gold and silver markets from May 1999 to June 2012. We argue that the discourse used by central bankers is not only a key driver of financial markets based on empirical evidence, but also,...

This paper begins by developing a framework for price and interest rate determination under suspension of convertibility during the national banking period. The model is applied to interpret unanticipated price level shocks and expected deflation during the period of green back inconvertibility(...