In this paper, I present a new reading of transcendental idealism. For a start, I endorse Allison’s rejection of the traditional so-called two-world view and, hence, of Guyer and Van Cleve’s ontological phenomenalism. But following Allais, I also reject Allison’s metaphysical deflacionism: transcendental idealism is metaphysically committed to the existence of things in themselves, noumena in the negative sense. Nevertheless, in opposition to Allais, I take Kant’s claim that appearances are “mere representations” inside our minds seriously. In the empirical sense, (...) appearances are the undetermined object of our sensible intuition. Yet, in the transcendental sense, appearances are nothing but the mind-dependent way that noumena manifest inside our minds and, hence, our mind-dependent way of knowing the mind-independent reality in itself (epistemological phenomenalism). (shrink)