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Philipp Bagus

Tags Financial MarketsMoney and BanksBusiness CyclesMonetary TheoryMoney and Banking

Works Published inSpeeches and PresentationsMises Daily ArticleThe Journal of Libertarian StudiesQuarterly Journal of Austrian EconomicsThe Free MarketLibertarian Papers

AwardsO.P. Alford III Prize in Political Economy

Philipp Bagus is professor of economics at Universidad Rey Juan Carlos. He is a Fellow of the Mises Institute, an IREF scholar, and was awarded the 2011 and 2017 O.P. Alford III Prize in Libertarian Scholarship, the Ron Paul Liberty in Media Award 2003, the Templeton Fellowship Award of the Independent Institute in 2008, and the Ludwig-Erhard-Forderpreis 2016. He is the author of The Tragedy of the Euro and coauthor of Deep Freeze: Iceland's Economic CollapseThe Tragedy of the Euro has so far been translated and published in Greek, German, French, Slovak, Polish, Italian, Romanian, Finnish, Spanish, Portuguese, British English, Dutch, Brazilian Portuguese, Bulgarian, and Chinese. He is also author of In Defense of Deflation, and co-author with Andreas Marquart of Blind Robbery: How the Fed, Banks and Government Steal Our Money and of the German language book Wir schaffen das alleine - warum Kleinstaaten einfach besser sind. Visit his website at

All Works

The Fed and the ECB: Two Paths, One Goal

The FedGlobal EconomyMonetary Theory

09/09/2011Mises Daily Articles
Both the Federal Reserve and the European Central Bank are owners of the printing press. They produce base money.
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Who's Afraid of Deflation?

Global EconomyMoney and BankingOther Schools of Thought

07/22/2011Mises Daily Articles
Should the central bank try to simulate the banking system and stabilize money velocity?
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The EMU as a Self-Destroying System

Global EconomyMonetary Theory

06/21/2011Mises Daily Articles
When property rights in money are poorly defined, negative external effects develop. The institutional setup of the euro, with its poorly defined property rights, has brought it close to collapse and can be called a tragedy of the commons.
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The IMF and Moral Hazard

Global EconomyInterventionismOther Schools of Thought

06/03/2011Mises Daily Articles
The underpricing of risk led Icelandic banks to take on liabilities denominated in foreign currency.
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Currency and Economic Collapse

Jeffrey Tucker interviews Philipp Bagus, Assistant Professor of Economics at the University Rey Juan Carlos in Madrid, and discusses Philipp's academic life and his two recent books: 'Deep Freeze: Iceland´s Economic Collapse' (co-authored with David Howden) and 'The Tragedy of the Euro'. Recorded...
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