Philipp Bagus

In this article published in The European Journal of Law and Economics, Juan Rallo, Miguel A. Alsono and I discuss the private alternative to bank bailouts. The bailin does not hurt tax payers but only people who invested in banks. This alternative has been discussed recently. Hopefully, politicians adopt our approach.

Here is my entry for the Wolfson contest with a foreword by Patrick Barron and an afterword by Godfrey Bloom.
I explain shortly all the problems of the euro, the future risks, and the continously rising costs. I discuss several alternatives to exit the Euro. Here is the link.

In this article forthcoming in Journal of Business Ethics with David Howden we respond to Walter Block and Bill Barnett on the ethics of maturity mismatching.

In this article, David Howden and I show the theoretical problems of fractional reserve free banking. It was published in The Quarterly Journal of Austrian Economics, 13 (4): 29-55, 2010.

In this article co-authored with David Howden and published in the Quarterly Journal of Austrian Economics 13 (3), pp. 64-85, 2010, we elaborate on the subject of maturity mismatching as set out in my awarded article: Austrian Business Cycle Theory: Are 100 percent reserves sufficient to prevent a business cycle.

My book Deep Freeze: Iceland´s economic collapse co-authored with David Howden is available. Watch my presentation at ASC (youtube), starting minute 12. In the book, we explain the economic collapse of Iceland caused by maturity and currency mismatching. Here is the store link. 12$.

In this article published in Review of Austrian Economcis, 24 (4), pp. 383-402 David Howden and I deal with the alleged necessity of credit expansion to restall monetary equilibrium due to price stickiness. William Luther and Alexander Salter wrote a response here. Our rejoinder titled: "Monetary equilibrium and price stickiness: a rejoinder" can be found here.

In this article published in Procesos de Mercado: Revista Europea de Economía Política, 8 (1) 2011, pp. 255-274 I analyze the future of trade unions after the financial crisis in the context of globalization. I show that trade union power rise and falls along the business cycle. The long term trend of union power is to fall due to globalization.

In this article I explain the causes and consequences of the bailout of Ireland. The article was translated into portuguese and into Spanish.

In this article published with Walter Block, Marian Eabrasu, David Howden and Jérémie Rostan in Business and Society Review, 116 (3), pp. 375-401, we analyze the ethics of tax evasion.

In this article I discuss the problem of excessive maturity mismatching. Can there be a business cycle with 100% reserves if banks mismatch loans? I argue: yes, if there exist government guarantees or a central bank. This article was awarded the O.P. Alford III Prize for the best paper in Libertarian Papers in 2010.

ABCT: Are 100 percent reserves sufficient to prevent a business cycle?

Concerning the purchasing power of money, much emphasis has been put on the changes in money’s quantity. However, changes in the quality of money have been widely neglected. In this article published in the Quarterly Journal of Austrian Economics, (2009) 12 (4): 41-64, I analyze changes in the quality of money and their influence on the purchasing power of money. The article entails a critique of the quantity theory of money (its mainstream version).

Keywords:
Monetary policy, qualitative easing, quantitative easing, quality of money, critique quantity theory of money

In this article I analyze the causes and consequences of quantitative easing 2. I argue that the term QE2 distracts from its inflationary effects. The article has been translated into French, Spanish and Polish.

In this article, co-authored with Markus Schiml, and published in Prague Economic Papers, 3, 2010, pp. 195-217, we argue that the balance sheet of a central bank contains valuable information for th quality of a currency. We analyze the qualitative and quantitative easing of the FED from June 2007 to December 2008. The calculation of certain balance sheet ratios supports the assessment of an important decrease of the quality of the currency.

In this article, published in the Romanian Economic and Business Review, 2009, 4(3): 165-85, David Howden and I compare the qualitative easing and the quantitative easing of the Fed and the ECB during the financial crisis and the implications for the qualities of the respective currencies.

Qualitative easing has been very important in these policies.