Some time ago I wrote a short review of free banking theory, which is now lost. While I expressed agreement with the microeconomic theory of free banking as presented in George Selgin’s The Theory of Free Banking, I disagreed with the macroeconomic integration of monetary disequilibrium theory. I recently expanded this part of my argument into a short paper (5-6 pages; ~2,400 words),
Here is the abstract,
This paper is a short argument as to why the macroeconomic theory of monetary disequilibrium is untenable and why free bankers should shed it from their theoretical arsenal. Monetary equilibrium cannot achieve price stabilization, nor is deflation resulting from an excess demand for money harmful. These should not be considered macroeconomic goals or advantages of a free banking system.
If interested, you can download the paper off SSRN.