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: James L. Caton, J.P. Koning
The Fed’s Decentralized System and the Spread of Economic Ideas
Reserve Banks brought monetarism and rational expectations into the monetary policy discussion, and, more recently, they have fostered dissenting views on the Fed’s role as a lender of last resort and the effectiveness of quantitative easing.
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Judy Shelton and the Dual Mandate Debate
Shelton is right to criticize the full-employment aspect of the Fed’s dual mandate.
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Krugman and the Goldbugs
Many economists have strong opinions about the gold standard. Few seem to understand how a gold standard functions.
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To Whom Is the Fed Accountable?
We do not want elected officials to police the monetary policy makers. But monetary policy makers have clearly demonstrated that they are incapable of policing themselves.
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To Save Cash from Extinction, Consider Banknote Lotteries
Cash’s usage in payments has been steadily declining as a percentage of all payments, especially in the developed world. Given the list of cash’s advantages, it’s probably worth the effort of protecting this grungy and unsexy payments option. But what can we do?
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Will Money and Finance Keep Decentralizing or Not?
What decentralized finance really needs is something entirely new. Something that regular finance can’t replicate. Something so useful that regular consumers will desert their bank to use it. This killer tool hasn’t been created.
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How Powell can Set Right Monetary Policy and Financial Markets
It is the perfect time for Powell to set right the financial sector and establish a return to normalcy.
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No Sandbox for Libra
Libra could become successful, but there are acknowledged technical issues that must be resolved for that success to happen, and they will take time.
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Here’s What Wrong With Bernie’s Plan to Eliminate Student Loan Debt
If we want to get serious about the student loan problem, we should focus less on the point of repayment and more on the point of origination.
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Student Loan Forgiveness Is Bad Policy
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
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
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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