The Sound Money Project was founded in January 2009 to conduct research and promote awareness about monetary stability and financial privacy. The project is comprised of leading academics and practitioners in money, banking, and macroeconomics. It offers regular commentary and in-depth analysis on monetary policy, alternative monetary systems, financial markets regulation, cryptocurrencies, and the history of monetary and macroeconomic thought. For the latest on sound money issues, subscribe to our working paper series and follow along on Twitter or Facebook.
Advisory Board: Steve H. Hanke, Jerry L. Jordan, Gerald P. O’Driscoll, Jr., Lawrence H. White
Director: William J. Luther
Senior Fellows: Gerald P. Dwyer, Joshua R. Hendrickson
Fellows: Scott A. Burns, James L. Caton, Nicolás Cachanosky, Alexander W. Salter
Contributors: Brian C. Albrecht, J.P. Koning
The Overnight Lending Intervention That Wasn’t
– February 8, 2020
Recent intervention in the overnight lending market is not precisely an intervention. In some ways, it is a dis-intervention. Viewed in terms of the net effect of activity by the Federal Reserve, the recent accumulation of repurchase agreements has onl …
Federal Reserve as Risk Regulator: An Impossible Task
– February 7, 2020
How big are the costs of various possible regulations applied to leveraged loans? No one knows. The balancing act of simply regulating leveraged loans requires knowledge that simply is not available to the Federal Reserve Board.
Macroeconomic Inferences and the New Fed Regime
– January 23, 2020
Under what conditions can we make valid inferences about the state of the economy from macroeconomic data? As it turns out, this seemingly unproblematic procedure becomes difficult when policy makers have got their eye on the data, too. This applies to …
Why Aren’t Anti-Money-Laundering Regulations Adjusted for Inflation?
– January 23, 2020
Banks and other financial institutions are required by law to implement measures for catching money launderers. Over the decades, these obligations have been getting more onerous due to new rules and the tightening of existing rules. They have also bec …
Venmo, The Public Version
– January 19, 2020
As Vice reports, New York lawmakers want to create a “public Venmo.” Venmo, which is owned by PayPal, allows users to make person-to-person payments. Under the proposal, New York State would build and operate its own Venmo-like payments platform. …
Winner, Winner Chicken Dinner
– January 16, 2020
The latest consumer price index report marks the end of a nearly seven-year bet with my dissertation advisor — a bet that I have officially won.
The 2019 Sound Money Project Essay Contest Winners
– January 15, 2020
What are the merits of returning to the gold standard? Is such a system feasible today?
The Effect of Data Lags on Monetary Policy
– January 14, 2020
Recognizing the existence of these lags does not imply that the Fed is incapable of reducing the depth and duration of recessions. However, it should instill a sense of humility in those of us considering what the Fed might accomplish in practice.
In Argentina, Inflation Is Still a Monetary Phenomenon
– January 9, 2020
If there is a lesson to be learned from the Argentinian experience, it is that one should never underestimate people’s willingness and capacity to rationalize alternative, but clearly wrong, explanations of well-known problems like inflation.
What Is the Relationship Between Monetary Policy and Fiscal Policy?
– January 5, 2020
Hydraulic Keynesianism is now usually found in the comparatively unsophisticated realm of the popular press.
