Evidence has been mounting (over the centuries) that the interest based debt financing regime is under ever increasing distress. All of the earlier crises whatever label they carried− exchange rate crisis or banking crisis – have been debt crises in essence. At the present, empirical research suggests that the debt-to-GDP ratio of the richest members of the G-20 threatens to touch 120% m...

Since 2008 to 2013, years known as the Great Recession, gold has been one of assets whose evolution aroused more interest on economic agents. Its theoretical and historic analysis from its origin, most important facts that have affected price since 1972, market situation in 2013 factors determinant during Recession are main reasons this article which, under Austrian School point view, guide us ...

The centennial of the publication first German edition Ludwig von Mises’s Theory Money and Credit offers an excellent opportunity to reconsider a long-standing controversy within modern Austrian economics. This revolves around question whether Mises favored 100-percent gold reserve banking imposed by law or free based on as ideal monetary system. In this paper, I suggest that debate is fundamen...

This paper discusses how price stability can be de…ned and how price stability can be maintained in practice. Some lessons for the Eurosystem are also considered. With regard to de…ning price stability, the choice between price-level stability and low (including zero) in‡ation and the decisions about the price index, the quantitative target and the role of output stabilization are examined. Wit...

While in principle, international payments could be carried out using any currency or set of currencies, in practice, the US dollar is predominant in international trade and financial flows. The dollar acts as a ‘vehicle currency’ in the sense that agents in non-dollar economies will generally engage in currency trade indirectly using the US dollar rather than using direct bilateral trade among...

To study the prenatal development of connections between the lateral geniculate nucleus (LGN) and the primary visual cortex in the cat, we have examined the relationship between the position of ingrowing afferents from the LGN and their target cells in cortical layers 4 and 6 at various times during the cat's 65 d gestation period and during the first 3 weeks of postnatal life. In 1 series of e...

The paper discusses the choice between in‡ation targeting and monetary targeting as a strategy for the Eurosystem, the actual strategy that the Eurosystem has recently announced, the framework for policy decisions appropriate for achieving the Eurosystem’s goals, the role of exchange rate management in the EMU, and the Eurosystem’s accountability and transparency. The choice between in‡ation ta...

Opponents of explicit in‡ation targeting (including ex-Chairman Greenspan) have argued that a commitment to a numerical in‡ation target reduces the policy’s ‡exibility, and may hence increase output volatility. Our paper demonstrates that this claim may fail to account for the anchoring e¤ect of explicit targets on expectations and wages (that has been established empirically in various studies...