Argentina's economy and monetary institutions are, once again, experiencing a serious crisis. In this document, we propose a monetary reform for Argentina that consists of flexible dollarization plus a free banking regime. By flexible dollarization, we mean that the peso should be replaced with...

The 2008 crisis demonstrated that, absent inflationary pressures, significant economic stress can occur as a consequence of loose monetary policy. This scenario raises the question as to whether there is a better alternative to price stability as a guiding principle for monetary policy. In this...

I study the economies of Colombia (floating exchange rate) and Panama (dollarized) to illustrate how the monetary policy of a large economy can export capital structure distortions to small open economies that follow a different exchange rate regime. If these distortions bear enough weight, then...

One of the most important objections to the Mises-Hayek business cycle theory is the rational expectations critique. The debate between supporters and critics of the Mises-Hayek theory has not paid sufficient attention to the problem of differences in expectations and the market share in the...

This paper extends the Mises-Hayek business cycle theory to open economies with fiat currencies. I explore: (1) the problem of domestic versus international monetary policy with fiat currencies in an international setting. (2) How the feedback effects between central banks in the context of an...

We apply the EVA terminology to the concepts of roundaboutness and average period of production in capital theory. By doing this we show that these terms have a clear and well understood financial interpretation. A financial application to capital theory helps to clarify obscure and...

Spanish Abstract: La economía y las instituciones monetarias de la Argentina están experimentando, una vez más, una profunda crisis. En este documento nos proponemos plantear una reforma monetaria para Argentina que consiste en una dolarización flexible junto a un régimen de banca libre....

This chapter explores Hayek's two epistemologies; that of economics and science in general. We track how Hayek's early work on economics epistemology ultimately evolved to his epistemology of sciences in general. In particular, we explore Hayek's insights on knowledge and economic coordination...

The year 2021 marks the 150th anniversary of Carl Menger’s Principles of Economics, the Austrian School of Economics’ foundational work. This paper looks at the most relevant work this school of thought has produced during the last century and a half. The Austrian School has worked on...

This paper studies the relationship between mass immigration in Argentina and the rise of Juan D. Perón (the iconic Argentine populist leader) in the mid-20th century. We find no evidence suggesting that mass immigration to Argentina from 1876 through 1925 explains Peronism directly or...