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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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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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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The Fed Wants to Close the Window on Narrow Banks

– May 28, 2019

A new type of financial institution could take root in the U.S. But the Federal Reserve seems determined to prevent this from happening.

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Sound Money Project Essay Contest

– May 26, 2019

What are the merits of returning to the gold standard? Is such a system feasible today?

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Did Tight Monetary Policy Result in a Sluggish Recovery?

– May 15, 2019

Some claim that, over the last decade, tight monetary policy slowed down what would otherwise have been a rather speedy recovery. Can that possibly be right?

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Why did Bitcoin’s Price Increase by 24% in 90 minutes?

– May 12, 2019

Volatility is to be expected for new media of exchange. But one should also be able to trace a lot of that volatility to news.

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Monetary Policy Rules Are Not Enough

– May 12, 2019

A monetary rule would provide guidance and stability. But monetary rules are not incentive-compatible for monetary policy makers.

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The Costs of Dodd-Frank

– May 12, 2019

The jury is still out on whether Dodd-Frank has made the financial system more robust. But we are starting to get a clearer picture of what impact it has had on compliance cost, bank lending, and bank consolidation.

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GAO Endorses Small Change

– May 12, 2019

In a recent report, the Government Accountability Office recommends altering the metal content of the nickel and casts doubt on the benefits of suspending production of the penny.

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In Praise of the $1 Bill

– April 19, 2019

In a new report, the Government Accountability Office (GAO) considers the financial benefit of switching to a $1 coin.

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The Gold Standard, FDR, and the Recovery of 1933

– April 18, 2019

In a recent NBER working paper, Margaret M. Jacobson, Eric M. Leeper, and Bruce Preston argue that FDR’s abandonment of the gold standard helped bring an end to the Great Depression.

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