The Super-Alertness of Central Banks

Review of Austrian Economics, Forthcoming

27 Pages Posted: 15 Feb 2019

See all articles by Nicolas Cachanosky

Nicolas Cachanosky

Metropolitan State University of Denver; American Institute for Economic Research

Alexander William Salter

Texas Tech University - Rawls College of Business; American Institute for Economic Research

Date Written: January 21, 2019

Abstract

This paper applies Kirzner’s theory of entrepreneurial alertness to central banking. As opposed to entrepreneurs operating within the market, central banks can operate outside the market by defining its structure and regulations. We label as “super-alertness” the particular type of Kirznerian alertness that central banks are required to have to successfully achieve stable monetary equilibrium.

Keywords: Free Banking, Central Banking, Alertness, Super-Alertness, Monetary Equilibrium

JEL Classification: B53, D80, E50

Suggested Citation

Cachanosky, Nicolas and Salter, Alexander William, The Super-Alertness of Central Banks (January 21, 2019). Review of Austrian Economics, Forthcoming. Available at SSRN: https://ssrn.com/abstract=3329356

Nicolas Cachanosky (Contact Author)

Metropolitan State University of Denver ( email )

Student Success Building
890 Auraria Pkwy #310
Denver, CO 80217
United States

HOME PAGE: http://www.ncachanosky.edu

American Institute for Economic Research

PO Box 1000
Great Barrington, MA 01230
United States

Alexander William Salter

Texas Tech University - Rawls College of Business ( email )

Lubbock, TX 79409
United States

HOME PAGE: http://awsalter.com

American Institute for Economic Research

PO Box 1000
Great Barrington, MA 01230
United States

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