"This book proposes a "representational" theory of capital according to which there is a relation between capital goods in the real side of the economy and instruments representative of property claims on those goods in the abstract side. Financial instruments are treated herein as a...

The argument presented in this paper is based on the recognition that theAustrian Business Cycle Theory is outdated in its description of how the effectsof monetary phenomena are transmitted to the real sector and producebusiness cycles. In the paper it is argued that there are...

ABSTRACTThis paper is meant primarily to summarize and integrate some concepts about the origin of the monetary institutions and their main characteristics.ReSUMeNDINERO: ORIGEN Y ESENCIAEste artículo quiere en primer lugar resumir e integrar algunos conceptos sobre el origen de las...

ABSTRACTThis paper considers the question: - In face of changes in the demand for money resulting from an increase in the risk perception by the economic agents, what are the proper actions the Central Bank should take?" as a starting point for a normative conclusion about the convenience of a...

The creation of central bank digital currencies, or CBDCs, is typically discussed from the standpoint of tradeoffs, as if the crucial question at hand were only how to improve the efficiency and security of the payment system, or, more ambitiously, how to design money to fend off global warming,...