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
“Woke” Fed Fell Asleep on the Job
“With inflation raging at the highest rate in 40 years, it is time to reexamine the Fed’s legitimate responsibilities.” ~ Nicholas Curott & James McClure
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Who Is to Blame for Inflation? (Video)
“Is ‘Putin’s Price Hike’ real? Are supply chain disturbances the most significant source of inflation, or is there more to the story? Thomas Hogan gives us his perspective on the causes of inflation.” ~ Kate Wand
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Inflation: What Causes It, and When Will it Subside?
“The growth rate of currency in circulation has been back to pre-crisis rates for at least 2 quarters. We should expect inflation and the growth rate of expenditures to follow and inflationary winds to subside as a result.” ~ James L. Caton
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Should the Fed Devalue Our Currency to Implement Negative Interest Rates?
“Where Agarwal and Kimball comment that the zero lower bound ‘is not a law of nature, but a policy choice,’ I suggest that the same is true about the need to fight an excess demand for money by cutting an interest rate instrument or target.” ~ Lawrence H. White
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The Federal Reserve’s Moving Target
“If persistent deviations from the Federal Reserve’s target can be costly in terms of resource misallocation, imagine the costs associated with simultaneous fluctuations in both inflation and its target for inflation.” ~ Joshua Hendrickson
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When Should the Federal Reserve Have Moved on Inflation?
“Last month, I joined Caleb Brown on the Cato Daily Podcast. We discussed how inflation—and our understanding of inflation—evolved over the last year, when the Fed should have moved on inflation, and how much grace the Fed deserves when we evaluate its monumental miss.” ~ William J. Luther
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Operation Climate-Change Choke Point
“The Fed—an institution that, time and again, has proven that it cannot forecast the inflation rate or GDP growth over the next three months let alone years into the future—gets to decide what level of individual bank losses are ‘accurate’ in these hypothetical climate apocalypse scenarios.” ~ Paul H. Kupiec
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Modern Day Bills of Exchange
“Bitcoin, or cryptocurrency more generally, allows us to look at issues related to exchange, money, payments, and finance through a new lens.” ~ Joshua R. Hendrickson
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For the Least of These: Against Inflation Economics
“To tame the inflationary beast and to build a more humane economy, especially for the poor, we need to grapple with inflation’s practical and moral effects.” ~ Dylan Pahman & Alexander William Salter
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The Renewed Politicization of the Federal Reserve
“Central bank independence can only be maintained by focusing on the narrow goals assigned by Congress. By straying from its mandate, Fed officials have chosen to base their decisions on politics rather than on sound economics.” ~ Thomas L. Hogan
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Lisa Cook is Unqualified for the Federal Reserve Board
“It’s time to end mandate drift once and for all. We need qualified nominees who understand the proper role of monetary policy. Unfortunately, Dr. Cook falls short on both counts.” ~ Alexander William Salter
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The Fed is Responsible for Great Inflations
“It’s time the Fed accepts responsibility and moves decisively to curb inflation before the problem gets even worse. Volcker’s Fed whipped inflation, and Powell’s Fed can, too.” ~ Nicholas Curott & Tyler A. Watts
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