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The super-alertness of central banks

Author

Listed:
  • Nicolás Cachanosky

    (Metropolitan State University of Denver)

  • Alexander W. Salter

    (Texas Tech University)

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.

Suggested Citation

  • Nicolás Cachanosky & Alexander W. Salter, 2020. "The super-alertness of central banks," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(1), pages 187-200, March.
    • Handle: RePEc:kap:revaec:v:33:y:2020:i:1:d:10.1007_s11138-019-00436-1
    DOI: 10.1007/s11138-019-00436-1
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    Cited by:

    1. Nicolás Cachanosky, 2021. "Microfoundations and macroeconomics: 20 years," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 34(2), pages 279-288, June.
    2. Nicolás Cachanosky, 0. "Microfoundations and macroeconomics: 20 years," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 0, pages 1-10.

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    More about this item

    Keywords

    Free banking; Central banking; Alertness; Super-alertness; Monetary equilibrium;
    All these keywords.

    JEL classification:

    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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