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. JordanGerald P. O’Driscoll, Jr., Lawrence H. White
Director: William J. Luther
Senior Fellows: Gerald P. DwyerJoshua R. Hendrickson, Nicolás CachanoskyAlexander W. Salter, Thomas L. Hogan
Fellows: James L. Caton, J.P. Koning

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Student Loan Forgiveness Is Bad Policy

– June 27, 2019

The benefits of higher education fall almost entirely on the recipient. So should the costs.

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If Libra Threatens Central Bank Power, that’s Great

– June 27, 2019

For hundreds of millions of citizens across the world, digital currencies like Bitcoin, Ripple, and potentially even the Libra don’t pose a threat to financial stability. They offer an escape from chronic financial instability and high and variable rates of inflation that result from poorly managed government monies.

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Monetary Policy 10 Years After the Crisis

– June 25, 2019

A decade has passed since the financial crisis of 2008-9. Unfortunately, the Fed is more politically exposed (and policy constrained) than ever.

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The Rise of the Shotgun Banknote Switch

– June 24, 2019

In times past the monetary authorities confined these sorts of stringent measures to war-time. Perhaps they should stay that way.

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Trade War Goes Bipartisan, and the Fed Will Make It Worse

– June 20, 2019

The trade war is heating up. Unfortunately, the Fed’s current framework will exacerbate the damage.

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Cryptocurrencies, Meet the Financial Action Task Force

– June 18, 2019

Cryptocurrencies are a different sort of financial technology from bank deposits, yet they are being shoehorned into the same category for regulatory purposes.

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Should Argentina Dollarize Now?

– June 17, 2019

Let’s hope other Argentinian economists give this proposal serious consideration.

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Fiscal Profligacy: A Failure of Congress and the People

– June 13, 2019

Almost everybody likes receiving services from the government. Almost nobody likes paying for them.

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The Zero Lower Bound was Irrelevant

– June 12, 2019

If the binding zero lower bound did not prolong the last recession, it may not prolong the next.

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Powell’s New Monetary Regime

– June 7, 2019

Fed Chair Jerome Powell has suggested that Federal Reserve policy might not tighten as much as anticipated. He has also changed the regime that dominated the last decade of monetary policy.

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Rothbard’s Improper Diagnosis

– June 5, 2019

Money creation was far from excessive in the 1920s. More significant factors leading to the Great Depression include the monetary contraction that began in 1929 and the French repatriation of gold that started in 1927.

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Monetary Policy and Constrained Discretion

– June 5, 2019

The problem with constrained discretion is that it leaves up to central bankers the decision when to switch from rule-like behavior to discretionary behavior.

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