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

“Sound Money and a Liberal Market Order”

– January 13, 2010

“Though circumstances and times change, the basic principles of economic progress and sound market order do not. There is no mystery about them. They involve sound money, low taxes, property rights, making it easy for businesses to be set up, and, once …

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“Income During Inflation”

– January 13, 2010

“Even as the Dow sits above 10,000, the public remains justifiably anxious about the state of the economy. The Federal Reserve has worked overtime to convince the public that it has saved the economy from a meltdown, but with unemployment at a 26-year …

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“Capitalism Needs a Sound-Money Foundation”

– January 13, 2010

“Let’s go back to the gold standard. If the very idea seems at odds with what is currently happening in our country — with Congress preparing to pass a massive economic stimulus bill that will push the fiscal deficit to triple the size of last year’s …

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Murray N. Rothbard and Jacksonian Banking

– January 12, 2010

Murray N. Rothbard was the consummate scholar in several fields. From my first meeting with Murray Rothbard, attending Ludwig von Mises seminar at New York University, more than forty years before the sadness of his death, I knew him longest as an economic historian.              

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“The Fed and the Crisis: A Reply to Ben Bernanke”

– January 11, 2010

“Federal Reserve Board Chairman Ben Bernanke spent most of his speech to the American Economic Association on Jan. 3 responding to the critique that easy monetary policy during 2002-2005 contributed to the housing boom, to excessive risk taking, and th …

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“The Roaring Twenties and the Bullish Eighties”

– January 8, 2010

“There are significant parallels between the Roaring 1920s and the Bullish 1980s. Both decades were characterized by a policy-induced artificial boom that ended with an inevitable bust. The Federal Reserve had a hand in both episodes, keeping the inter …

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How the Gold Standard Worked, 1880-1913

– January 6, 2010

“This essay reinterprets the gold standard by applying the monetary theory of the balance of payments to the experience of the two most important countries on it, America and Britain. Before explaining, testing and using the theory in detail, it will b …

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“Sound Money the Safeguard of Labor”

– January 6, 2010

“This government is now on a gold basis; that is to say, the nation stands pledged to redeem all its debts or obligations in gold. This is not the result of arbitrary legislation on our part, but a necessity imposed by the demands of trade and commerce …

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“Capital Theory, Inflation, and Deflation: The Austrians and Monetary Disequilibrium Theory Compared”

– January 6, 2010

“It can be argued that two apparently divergent macroeconomic schools of thought that have persisted in the history of economics are both part of a larger theoretical view which is capable of meeting most of these criteria. The Austrian theory of the t …

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“Another Perspective on the Effects of Inflation Uncertainty”

– January 6, 2010

This paper examines the effects of inflation uncertainty on real economic activityb y utilizing a flexible, dynamic,m ultivariatef rameworkt hata ccom-modates possible interaction between the conditional means and variances. The empirical model is base …

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“The Cost of Inflation Revisited”

– January 6, 2010

“Neoclassical treatments of inflation understate the costs associated with inflation, even at very low levels. A comparative institutions perspective that recognizes the epistemological properties of prices and the institutional process by which inflat …

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“Stock Returns, Real Activity, Inflation and Money”

– January 6, 2010

“There is much evidence that common stock returns and inflation have been negatively related during the post-1953 period. Zvi Body, Jeffrey Jaffe and Gershon Mandelker, Charles Nelson, and my article with G. William Schwert document negative relations …

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