Independent research in monetary economics, financial regulation and the philosophy of money: a numbered working-paper series, essays, and a short book on the economics of AI.
Philosophers Mint
2026
Circulation or Category? A Null Result on the Boundary of the Lender of Last Resort
A blind-coded test of whether central-bank rescue tracks position in the monetary plumbing rather than size. It doesn't: the apparent signal dissolves under three disciplines, and what remains is too-big-to-fail plus the capacity to act.
Money or Credit, Operationalised: A Comment on Digital Money (The Future of Banking 8)
The eighth Future of Banking report gets digital money right: judge the instrument by the institution behind it. Five refinements from MiCA's engine room and the eurodollar's history make that diagnosis operational.
Value Coverage: A Measurement Framework for Technology Investment Booms
Is the AI boom a bubble? Three measurable quantities - private coverage, social coverage, financing fragility - replace the shouting match, with a live open dashboard.
Money or Credit? MiCA's Stablecoin Hybrid and the Direction of the 2026 Review
MiCA never decided whether a fiat-backed stablecoin is money or a bank. The 2026 review must choose one coherent design, not fine-tune an incoherent middle.
Which Coherent Corner? An Options Appraisal for Europe's Stablecoin Choice
Three coherent designs, narrow money, bank money, a public anchor, weighed against six EU objectives, with one unconditional conclusion.
What the Rule-Book Cannot See
Codified doctrine, the epistemic immune system, and the distribution of supervisory attention
2025
2024