UCEMA Seminar

Course Information

Website: https://ucema.edu.ar/posgrado/maestria-en-economia/curso-nicolas-cachanosky

Schedule (2pm - 5pm):

Lecture Slides

Class 1 - Free Banking: Theory and History
Class 2 - NGDP Targeting and Cryptocurrencies
Class 3 - IT in Argentina? and Pandemic Shocks

Study Material


[01] Bernanke, B. S., Laubach, T., Mishkin, F. S., & Posen, A. S. (1999). Inflation Targeting: Lessons from the International Experience. Princeton and Oxford: Princeton University Press.

[02] Cachanosky, N. (2018). Monetary Equilibrium and Nominal Income Targeting. London and New York: Routledge.

[03] Dowd, K. (1992). The Experience of Free Banking. London and New York: Routledge.

[04] Hayek, F. A. (1979). Denationalisation of Money. London: The Institute of Economic Affairs.

[05] Selgin, G. A. (1988). The Theory of Free Banking. Lanham: CATO Institute and Rowman & Littlefield.

[06] Selgin, G. A. (1996). Bank Deregulation and Monetary Order. New York: Routledge.

[07] Selgin, G. A. (1997). Less Than Zero. London: The Institute of Economic Affairs.

[08] Smith, V. C. (1936 [1990]). The Rationale of Central Banking and the Free Banking Alternative. Indianapolis: Liberty Fund.

[09] White, L. H. (1984). Free Banking in Britain. Theory, Experience and Debate, 1800-1845 London: The Institute of Economic Affairs.

[10] White, L. H. (1999). The Theory of Monetary Institutions. Oxford: Basil Blackwell.


[01] Ball, L., & Sheridan, N. (2007). Does Inflation Targeting Matter? In The Inflation-Targeting Debate (pp. 249–276). Chicago: Chicago University Press.

[02] Beckworth, D. (2014). Inflation Targeting: A Monetary Policy Regime Whose Time Has Come and Gone. Mercatus Research.

[03] Beckworrth, D., & Hendrickson, J. R. (2020). Nominal GDP Targeting and the Taylor Rule on an Even Playing Field. Journal of Money, Credit and Banking, 52(1), 269–286.

[04] Briones, I., & Rockoff, H. (2005). Do Economists Reach a Conclusion on Free-Banking Episodes? Econ Journal Watch, 2(2), 279–324.

[05] Cachanosky, N. (2012). The Law of National Guaranteed Banks in Argentina, 1887-1890: Free-Banking Failure or Regulatory Failure? The Independent Review, 16(4), 569–590.

[06] Cachanosky, N. (2019). Can Bitcoin become Money? The Monetary Rule Problem. Australian Economic Papers, 58(4), 365–374.

[07] Cachanosky, N., & Ravier, A. O. (2014). A Proposal of Monetary Reform for Argentina: Flexible Dollarization with Free Banking. The Independent Review, 19(3), 397–426.

[08] Cachanosky, N., & Salter, A. W. (2020). The Super-Alertness of Central Banks. The Review of Austrian Economics, 33(1–2), 187–200.

[09] Calvo, G. A., & Vegh, C. A. (1995). Fighting Inflation with High Interest Rates: The Small Open Economy Case under Flexible Prices. Journal of Money, Credit and Banking, 27(1).

[10] Clark, T. E. (1994). Nominal GDP Targeting Rules: Can They Stabilize the Economy? Economic Review.

[11] Dowd, K. (1988). Automatic Stabilizing Mechanisms Under Free Banking. Cato Journal, 7(3), 643–659.

[12] Dowd, K. (1990). Did Central Banks Evolve Naturally? A Review Essay of Charles Goodhart’s The Evolution of Central Banks. Scottish Journal of Political Economy, 37(1), 96–104.

[13] Dowd, K. (1992). Models of Banking Instability: A Partial Review of the Literature. Journal of Economic Surveys, 2(6), 107–132.

[14] Dowd, K. (1994). Competitive Banking, Bankers’ Clubs, and Bank Regulation. Journal of Money, Credit and Banking, 26(2), 289–308.

[15] Dwyer, G. P. J. (1996). Wildcat Banking, Banking Panics, and Free Banking in the United States. Economic Review, Dec, 1–20.

[16] Dwyer, G. P. J. (2015). The Economics of Bitcoin and Similar Private Digital Currencies. Journal of Financial Stability, 17, 81–91.

[17] Fink, A. (2013). Free banking as an evolving system: The case of Switzerland reconsidered. The Review of Austrian Economics, 27(1), 57–69.

[18] Harwick, C. (2016). Cryptocurrencies and the Problem of Intermediation. The Independent Review, 20(4), 569–588.

[19] Hasan, I. (1994). Bank Runs in the Free Banking Period. Journal of Money, Credit and Banking, 26(2), 271–288.

[20] Hazlett, P. K., & Luther, W. J. (2019). Is bitcoin money? And what that means. The Quarterly Review of Economics and Finance.

[21] Hendrickson, J. R., Hogan, T. L., & Luther, W. J. (2016). The Political Economy of Bitcoin. Economic Inquiry, 54(2), 925–939.

[22] Hendrickson, J. R., & Luther, W. J. (2017). Banning Bitcoin. Journal of Economic Behavior & Organization, 141, 188–195.

[23] Hogan, T. L. (2012). Competition in Currency. Policy Analysis (698), Washington D.C.: Cato Institute.

[24] Hogan, T. L. (2013). The Fed vs. the Gold Standard - Comparing Historical Performance. SSRN Electronic Journal.

[25] Hogan, T. L. (2015). Has the Fed improved U.S. economic performance? Journal of Macroeconomics, 43(March), 257–266.

[26] Hogan, T. L., & Smith, D. J. (2015). War, Money, & Economy: Economic Performance in the Fed and Pre-Fed Periods. SSRN Electronic Journal.

[27] Laidler, D. (2005). Free Banking and the Bank of Canada. Bank of Canada Review, (Winter 2005-2006), 15–24.

[28] Luther, W. J. (2013). Friedman Versus Hayek on Private Outside Monies: New Evidence for the Debate. Economic Affairs, 33(1), 127–135.

[29] Luther, W. J. (2016). Bitcoin and the Future of Digital Payments. The Independent Review, 20(3), 397–404.

[30] Luther, W. J. (2016). Cryptocurrencies, Network Effects, and Switching Costs. Contemporary Economic Policy, 34(3), 553–571.

[31] Luther, W. J. (2018). Is Bitcoin Intrinsically Worthless? The Journal of Private Enterprise, 33(1), 31–45.

[32] Luther, W. J. (2018). Getting off the Ground: The Case of Bitcoin. Journal of Institutional Economics, 15(2), 189–205.

[33] Luther, W. J., & Olson, J. (2015). Bitcoin is Memory. Journal of Prices & Markets, 3(3), 22–33.

[34] Luther, W. J., & Salter, A. W. (2017). Bitcoin and the Bailout. The Quarterly Review of Economics and Finance, 66, 50–56.

[35] Luther, W. J., & Stein Smith, S. (2020). Is Bitcoin a Decentralized Payment Mechanism? Journal of Institutional Economics, 1–12.

[36] Murphy, R. H. (2013). A Comparative Institutional Analysis of Free Banking and Central Bank NGDP Targeting. Journal of Private Enterprise, XXIX(1), 25–39.

[37] Nair, M., & Cachanosky, N. (2017). Bitcoin and Entrepreneurship: Breaking the Network Effect. The Review of Austrian Economics, 30(3), 263–275.

[38] Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. www.bitcoin.org.

[39] Rockoff, H. (1975). Varieties of Banking and Regional Economic Development in the United States, 1840-1860. The Journal of Economic History, 35(1), 160–181.

[40] Salter, A. W., & Tarko, V. (2017). Polycentric Banking and Macroeconomic Stability. Business and Politics, 19(2), 365–395.

[41] Salter, A. W., & Young, A. T. (2018). Would a Free Banking System Stabilize NGDP Growth? The Quarterly Review of Economics and Finance, 70, 21–25.

[42] Selgin, G. A. (1994). On Ensuring the Acceptability of a New Fiat Money. Journal of Money, Credit and Banking, 26(4), 808–826.

[43] Selgin, G. A. (1999). Hayek versus Keynes on How the Price Level Ought to Behave. History of Political Economy, 31(4), 699–721.

[44] Selgin, G. A. (2015). Synthetic Commodity Money. Journal of Financial Stability, 17, 92–99.

[45] Selgin, G. A., Beckworth, D., & Bahadir, B. (2015). The Productivity Gap: Monetary Policy, the Subprime Boom, and the post-2001 Productivity Surge. Journal of Policy Modeling, 37(2), 189–207.

[46] Selgin, G. A., Lastrapes, W. D., & White, L. H. (2012). Has the Fed been a failure? Journal of Macroeconomics, 34(3), 569–596.

[47] Sumner, S. (1989). Uing Futures Instrument Prices to Target Nominal Income. Bulletin of Economic Research, 41(2), 157–162.

[48] Sumner, S. (2012). The Case for Nominal GDP Targeting. Mercatus Research.

[49] Timberlake, R. H. (2005). Gold Standard and the Real Bills Doctrine in U.S. Monetary Policy. Econ Journal Watch, 2(2), 196–233.

[50] Walsh, C. E. (2009). Inflation Targeting: What Have We Learned? International Finance, 12(2), 195–233.

[51] White, L. H. (2008). Did Hayek and Robbins Deepen the Great Depression? Journal of Money, Credit and Banking, 40(4), 751–768.

[52] White, L. H. (2014). Free Banking in History and Theory. GMU Working Paper in Economics, (14–17).

[53] White, W. R. (2006). Is Price Stability Enough? BIS Working Papers No. 205. Basel: The Bank for International Settlements

[54] Willard, L. B. (2012). Does inflation targeting matter? A reassessment. Applied Economics, 44(17), 2231–2244.

[55] Yermack, D. (2014). Is Bitcoin a Real Currency? An Economic Appraisal NBER Working Paper Series No. 19747. Cambridge: National Bureau of Economic Analysis


[01] The Gold Standard

[02] The Failure of the Federal Reserve

[03] Money & Free Banking with Lawrence White

[04] Lawrence H. White talks about Cryptocurrencies