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. DwyerJoshua R. Hendrickson, Thomas L. Hogan, Gerald P. O’Driscoll, Jr., Alexander W. Salter
Fellows: James L. Caton, J.P. Koning

shotgunswitch

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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wareverywhere

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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fincin

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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argentin

Should Argentina Dollarize Now?

– June 17, 2019

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

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congresspeople

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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buildingfloor

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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Jay Powell BW

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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vaultofbank

Narrow Banks, Very Narrow Banks, and the Federal Reserve

– May 31, 2019

A bank charter has been granted to The Narrow Bank in Connecticut. But the idea of narrow banking is not new.

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variousmonies

Inflation Targeting in Argentina: What Went Wrong?

– May 31, 2019

To reduce inflation and keep the Argentine peso stable going forward, the Macri administration adopted an inflation-targeting regime. But, just 26 months after its implementation in September 2016, the inflation-targeting regime had failed. What went wrong?

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Are Financial Crises Driven By Supply Or Demand Shocks?

– May 30, 2019

In a new NBER working paper, Felipe Benguria and Alan M. Taylor consider whether financial crises usually stem from the demand or supply side of the market.

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