Using 1708-1788 historical data, we test the Austrian hypothesis that fractional-reserve banking destabilizes commodity prices, complicating economic calculation and entrepreneurial planning, and contributes to boom-bust cycles. The Bank of Amsterdam (Wisselbank, 1609-1819) maintained high...

This paper examines macromonetary data for fractal character and stochastic dependence. Lo's modified R/S test for stochastic dependence is used to explore the data's fractal properties along with five fractal analysis techniques for estimating the Hurst exponent, Mandelbrot-Leacute;vy...

William Niskanen (2002) estimated a Phillips curve for the United States using annual 1960-2000 data. By adding one-year lagged terms in unemployment and inflation, he was able to show that this familiar equation is misspecified. In his improved specification, Niskanen found that the immediate...