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  • David Howden

David Howden

Tags Business CyclesInterventionismMonetary TheoryMoney and Banking

Works Published inQuarterly Journal of Austrian EconomicsThe Free MarketSpeeches and PresentationsMises Daily ArticleArticles of Interest

AwardsO.P. Alford III Prize in Political EconomyDouglas E. French Prize at Mises University

Dr. David Howden is a Fellow of the Mises Institute and Chair of the Department of Business and Economics, and professor of economics, at Saint Louis University at its Madrid campus. He is also Academic Vice President of the Ludwig von Mises Institute of Canada, and the founding editor of the Journal of Prices & Markets. He is the author of over 50 scholarly articles and books, mostly focusing on the business cycle. His latest book, The Fed at One Hundred, co-edited with Dr. Joseph T. Salerno, overviews the Federal Reserve's history and the theory behind its operations over the last 100 years. 

All Works

Fama's Efficient Market Hypothesis and Mises's Evenly Rotating Economy: Comparative Constructs

Production TheoryValue and Exchange

07/30/2014Quarterly Journal of Austrian Economics
Mises created an artificial construct, the evenly rotating economy (ERE), from which to ascertain the source of entrepreneurial profit and loss. In particular, the ERE is characterized by two distinct elements.


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The Term Structure of Savings, the Yield Curve, and Maturity Mismatching

Booms and BustsBusiness CyclesMonetary Theory

07/30/2014Quarterly Journal of Austrian Economics
Recognizing different types of savings allows for a more fruitful analysis of the business cycle. Sustainable investment activities must be financed by an equivalent amount of savings, both in length of availability and quantity.


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Fractional Reserve Banking: Some Quibbles

Money and BanksMoney and Banking

07/30/2014Quarterly Journal of Austrian Economics
We explore several unaddressed issues in George Selgin’s (1988) claim that the best monetary system to maintain monetary equilibrium is a fractional reserve free banking one.


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Review of Engineering the Financial Crisis: Systemic Risk and the Failure of Regulation by Jeffrey Friedman and Wladimir Kraus

Booms and BustsBusiness Cycles

07/30/2014Quarterly Journal of Austrian Economics
Jeffrey Friedman and Wladamir Kraus attempt to separate the wheat from the chaff by sizing up these theories next to some hard facts. The result is enlightening.


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First they came for the cash, then they came for the microwaves


First they came for the cash, then they came for the microwaves. Sweden is the first country to experiment with negative interest rates in a cashless society.

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