Money, institutions, and the incentives behind policy.
My research sits at the intersection of monetary economics and economic history, with a recurring focus on seigniorage — the revenue governments raise by creating money — and the public-choice incentives that shape monetary institutions. My current work takes up the credibility of redeemable paper money, whether deflation's effects depend on its source, and the political economy of central banking, alongside a book with Alexander Salter on money and fiscal policy under contract for 2027.
Curriculum vitae
The full record — publications, teaching, presentations, service, and appointments — on a single PDF.
Publications
Peer-reviewed articles.
- 2026
Putting Economics Back in Humanomics Public Choice 206: 309–326
- 2025
Symposium Introduction: Reviewing the Federal Reserve's Framework Southern Economic Journal 91, no. 4: 1213–1228
- 2024
The Need for a Price Theory Revival Journal of Private Enterprise 39, no. 1: 11–44
- 2023
Assignats or Death: The Politics and Dynamics of Hyperinflation in Revolutionary France European Economic Review 157: 104510
- 2022
Seigniorage Payments and the Federal Reserve's New Operating Regime Economics Letters 220: 110880
- 2022
Insuring Legislative Wealth Transfers: Theory and Evidence Public Choice 192: 127–144
- 2022
The Wild Card: Colonial Paper Money in French North America, 1685 to 1719 European Review of Economic History 26, no. 2: 185–207
- 2021
The Federal Reserve's Response to the COVID-19 Contraction: An Initial Appraisal Southern Economic Journal 87, no. 4: 1152–1174
- 2021
Forced Savings and Political Malinvestment: An Application of Steven Horwitz's Microfoundations and Macroeconomics The Review of Austrian Economics 34, no. 2: 311–322
- 2020
On the Feasibility of Returning to the Gold Standard The Quarterly Review of Economics and Finance 78: 88–97
- 2019
Seigniorage in the Civil War South Explorations in Economic History 72: 74–92
- 2019
The Durability of Legislative Benefits and the Role of the Executive Branch's Settlement Authority Journal of Private Enterprise 34, no. 1: 1–14
Publications
Book chapters.
- 2024
There's No Such Thing as a Wage-Price Spiral The War on Prices: How Popular Misconceptions about Inflation, Prices, and Value Create Bad Policy Ed. Ryan Bourne · Cato Institute · 29–39
- 2023
Interest on Reserves: Implications for Austrian Monetary and Business Cycle Theory A Research Agenda for Austrian Economics Eds. Steven Horwitz & Louis Rouanet · Edward Elgar · 21–44
- 2021
Is the Gold Standard Feasible? The Gold Standard: Retrospect and Prospect Eds. Peter C. Earle & William J. Luther · American Institute for Economic Research · 165–182
Publications
Books.
- 2027
Based Money: A Citizen's Guide to Money Mischief and Fiscal Folly Independent Institute Book — under contract, anticipated 2027
In progress
Working papers.
Current projects — drafts available on request.
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As Good as Gold? A Framework for Analyzing Redeemable Paper Money Explorations in Economic History Revise & resubmit
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Captured Gatekeepers: Structural Conflicts of Interest in U.S. Higher Education European Economic Review Under review
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Rethinking Deflation and Its Effects: A Cross-Country Analysis of Supply-Driven Deflation Journal of Economic Behavior & Organization Revise & resubmit
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Reviewing the Federal Reserve's 2025 Monetary Policy Framework Review Under review
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Democracy, Dictatorship, and the Monetary Commons Working paper
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Free Banking Reform and the Competitiveness of Antebellum Banking Systems Working paper
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Monetary Rules without Romance Working paper
Collaboration
Working on a related question?
I'm glad to hear from students, coauthors, and journalists about monetary policy, economic history, and the political economy of money.