Joseph T. Salerno

Joseph T. Salerno

Joseph T. Salerno received his Ph.D. in economics from Rutgers University. He is professor emeritus of economics in the Finance and Graduate Economics Department in the Lubin School of Business of Pace University in New York City. He is the editor of the Quarterly Journal of Austrian Economics and the Academic Vice President of the Ludwig von Mises Institute where he held the inaugural Peterson-Luddy Chair in Austrian Economics.  He also holds the John V. Denson II Endowed Professorship in the economics department at Auburn University. 

Articles by Joseph T. Salerno

Let Unsound Money Wither Away

Chairman Paul and members of the subcommittee, I am deeply honored to appear before you to testify on the topic of fractional-reserve banking. Thank you for your invitation and attention. In the short time I have, I will give a brief description of fractional reserve-banking, identify the problems it presents in the current institutional setting, and suggest a potential solution.

Read More »

Banking and Monetary Policy from the Perspective of Austrian Economics

The editors are to be heartily congratulated for putting together this book, which covers an impressive range of topics in monetary economics from an explicitly Austrian perspective. Most of the twelve essays are of a very high quality and one will learn much about money and related topics by a careful reading of them.

Read More »

Money Creation – Not Low Interest Rates – Is Behind the Boom-Bust Cycle

Effective Federal Funds Rate/M2 Money Stock

In a recent article entitled “Where Are All the Austrian Scholars’ Yachts?” John Tamny has criticized Austrian economists, and Mark Thornton in particular, for their skepticism regarding the relatively “ebullient stock market” in the midst of the pandemic. Mark Thornton responded to Tamny’s main argument in an earlier post. In this post, I will address two serious errors that underlie Tamny’s argument. 

Read More »