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, Lawrence H. White
Director: William J. Luther
Senior Fellows: Nicolás Cachanosky, Gerald P. Dwyer, Joshua R. Hendrickson, Thomas L. Hogan, Gerald P. O’Driscoll, Jr., Alexander W. Salter
Fellows: J.P. Koning
Wealth Taxes: The Tale of “Tuh”
“Wealth taxes are premised on the idea that since security services make wealth more valuable, the wealthy have to pay a share of the value ‘created’ by the state. But that’s ridiculous.”READ MORE
Are GOP Presidential Contenders Prepared to Take On the Fed?
“There’s no time to lose. Aspiring Republicans must get serious about fixing the Fed.” ~ Alexander W. SalterREAD MORE
Two Cheers for Gramm and Solon
“Excessive government spending makes us less productive than we otherwise would be, resulting in a permanently lower level of employment and output.” ~ Alexander W. SalterREAD MORE
Waller Offers Common Sense View on Financial Risks of Climate Change
“Climate-related innovation does not seem to pose a unique risk to the financial system. And lenders have a long history of adapting to technological innovation.” ~ Bryan CutsingerREAD MORE
Has the Disinflation Process Stalled?
“Fed officials may worry that the disinflation process has stalled. For this reason, the latest data likely increases uncertainty about the future course of monetary policy.” ~ William J. LutherREAD MORE
What’s Next for the Fed?
“A wide range of outcomes are still possible for 2023, ranging from stagflation to a ‘soft landing.'” ~ Thomas L. HoganREAD MORE
The Greedflation Myth
“Politicians on the left would like us to believe inflation is caused by greedy corporations. And some academics are all too happy to provide them with theoretical cover.” ~ William J. LutherREAD MORE
Three Proposals for Price Stability
“As a ‘dark horse’ candidate, Ramaswamy has a greater burden of proof before the electorate. He needs to prove his policy proposals are a cut above his rivals’.” ~ Alexander W. SalterREAD MORE
Can the Fed Continue to Fight Inflation without Risking a Financial Crisis?
“In principle, the Fed has the ability to provide liquidity to the banking system while simultaneously reducing the incentives banks have to make loans.” ~ Bryan CutsingerREAD MORE
CEA Deserves an F on Bitcoin Mining Tax Analysis
“The CEA’s argument would result in a failure on an introductory microeconomics exam. One expects better from a team of professional economists.” ~ Joshua R. HendricksonREAD MORE
Bank Term Funding Program Discounts the Discount Window
“The Fed says it created BTFP to ‘support American businesses and households.’ But those businesses and households will ultimately be on the hook if the Fed’s risk-taking turns out to be too much.” ~ Nicolás CachanoskyREAD MORE
Federal Reserve Raises Rate Target, Likely To Pause For Some Time
“In March, the median FOMC member projected the federal funds rate target would close the year above 5.0 percent. But the federal funds futures market is pricing in better-than-even odds that the target rate is less than 5.0 percent following the September meeting.” ~ William J. LutherREAD MORE