For those of you who thought the Bank for International Settlements was replaced by the World Bank and/or the IMF, think again. It’s alive and well in Basel, Switzerland (where it’s always been – nice place if you can afford to live there), and publishing working papers in which Austrian theory is cited – by name – as an argument against inflation targeting by central banks. The Austrian argument against central banks themselves is not noted, however.
This paper was announced and described in the current issue of The Economist, complete with its recommendation of Austrian theory (which the Economist helpfully described as having dominated “between the wars”). Since the Economist article requires a subscription, I’ve linked the paper itself, which is accessible to the public. For those with Economist subscriptions, the article should be easy to find.