monetary policy

  Argentina has had more IMF programs than almost any country in history. The count depends on how one tallies arrangements, waivers, and extensions, but the number exceeds twenty. The pattern is consistent: a crisis, a program, initial stabilization, eventual collapse, and a return to the Fund. The standard explanations cycle through familiar territory — […]

  The IMF’s Board recently approved $1 billion in new disbursements to Argentina. The accompanying Staff Report and Selected Issues Paper are worth reading carefully — they are technically sophisticated, broadly fair to the Milei government’s achievements, and candid about the risks ahead. But they are also worth reading for a different reason: at several points, the documents’ own […]

Heterogeneous effects across bank types written by Karl-Friedrich Israel, Moritz Pfeifer, Tim Sepp , and Benjamin Treitz.  May 25, 2026 Monetary policy changes the stability of German banks differently based on their ownership and business goals. Existing literature shows that monetary policies stabilize markets but can also encourage institutions to take higher risks. Using monthly balance sheet data […]

  Modern Monetary Theory (MMT) has shifted from academic margins into policy conversations because it presents a straightforward proposition: If a country issues its own currency, it need not fear deficits; the only binding constraint is inflation. For governments facing aging populations while preparing for strategic rearmament, green investment and industrial policy, this message is […]

  This article addresses America’s current financial and economic situation. What it is not, is a treatise on tariffs or US politics – those two topics have been very thoroughly covered by a plethora of commentators. Rather, our focus herein is to examine America’s situ by employing the Austrian business cycle’s theoretical framework to better […]