Free Banking and Monetary Control

Selgin, George

doi:10.2307/2235463

Cited by 63 publications

(34 citation statements)

References 3 publications

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“…"M" increases thanks to the credit expansion of the fractional reserve banking system when "V" decreases (Selgin 1994(Selgin : 1457. Hayek (1933: 176) makes a similar argument in regards to the recalculation during the Great Depression.…”

Section: Price Rigidities: Where Do They Come From?mentioning

confidence: 99%

Monetary equilibrium and price stickiness: Causes, consequences and remedies

Bagus

Howden

2011

Rev Austrian Econ

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Abstract:We reassess monetary equilibrium theory by focusing on its foundation -price stickiness -and answer several ancillary questions. Prices are sticky at times. Contra monetary equilibrium theorists, this is not a reason to advocate an issuance of fiduciary media to counteract the effects of a sluggish price adjustment process. Issuances of fiduciary media will breed negative effects, primarily via wealth redistributions, faulty interest rate signals and exacerbated business cycles. Allowing the price level to adjust to maintain monetary equilibrium provides for fewer detrimental effects than adjusting the supply of credit. JEL classification: E52, E58

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Section: Price Rigidities: Where Do They Come From?mentioning

confidence: 99%

Monetary equilibrium and price stickiness: Causes, consequences and remedies

Bagus

Howden

2011

Rev Austrian Econ

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“…Key exceptions are Williamson [1989a,b] and Selgin [1994]. Nevertheless, these authors have reached contrary conclusions concerning the implications of free banking for macroeconomic stability.…”

Section: Introductionmentioning

confidence: 99%

“…In the context of an overlapping generation framework in which agents face informational asymmetries in banking markets, Williamson [1989a,b] concludes that removing restrictions on note issue likely would reduce the stability of aggregate income, and he buttresses this argument by analyzing historical American and Canadian data. Selgin [1994] follows a very different approach. Building on standard bank reserve management models, Selgin develops a transaction-based framework for examining financial and goods market interactions with and without free banking.…”

Section: Introductionmentioning

confidence: 99%

“…Building on standard bank reserve management models, Selgin develops a transaction-based framework for examining financial and goods market interactions with and without free banking. Selgin [1994] *University of Alabama. The author is grateful to George Selgin for his detailed comments and to participants in the University of Alabama Macroeconomics Workshop for their suggestions.…”

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

Macroeconomic stability in a free banking system

VanHoose

1997

Atlantic Economic Journal

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“…For the opposing viewpoint, see Sechrest (1987Sechrest ( , 1989aSechrest ( , b, 1991aSechrest ( , b, 1993Sechrest ( , 2007, Selgin (1994Selgin ( , 1998Selgin ( , 2007a, Selgin and White (1996), White (1992White ( , 1995White ( , 1999. 3 The issue turns on whether or not the transactions costs of ''attacking'' the 99% FRB through adverse clearing house balances are more or less than the benefits of eliminating a competitor.…”

mentioning

confidence: 99%