The super-alertness of central banks

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 alertn...

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Bibliographic Details
Published in:The Review of Austrian economics 2020-03, Vol.33 (1-2), p.187-200
Main Authors: Cachanosky, Nicolás, Salter, Alexander W.
Format: Article
Language:English
Subjects:
Alertness
Banking
Central banks
Economics
Economics and Finance
Entrepreneurs
History of Economic Thought/Methodology
Political Science
Public Finance
Regulation
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Summary: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.
ISSN:0889-3047
1573-7128
DOI:10.1007/s11138-019-00436-1