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

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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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Stephen Moore, Herman Cain, and the Myth of Independence

– April 11, 2019

The president’s decisions to nominate Stephen Moore and Herman Cain leave a lot to be desired. But that is no excuse for perpetuating the myth that the Fed has been independent up until now.

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FDR’s Legacy of Interventionism

– April 10, 2019

FDR set the standard for future progressives who wished to exercise broad powers to mold the world as they think best.

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Interest Rates, Funny Money, and Economic Malaise

– April 3, 2019

There is growing support for the idea that meddling with market interest rates is a bad idea. Interest rates coordinate intertemporal production plans, and any attempt to alter them will entail undesirable unintended consequences. 

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Quantitative Easing: A Model for Financing Government Spending?

– April 3, 2019

Government expenditures can be funded by increasing reserves at the Federal Reserve. But limits on the demand for reserves mean inflation will follow.

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What Makes Stephen Moore Unqualified?

– March 29, 2019

The problem with Moore is not that he doesn’t have a Ph.D. The problem is that he is less like Alan Greenspan, and more like Arthur Burns.

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Should Everyone Have An Account At The Fed?

– March 27, 2019

Some scholars argue that ordinary citizens should be allowed to open bank accounts at the Fed. Is this the best way to reduce financial exclusion?

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The War on Cashless Stores

– March 27, 2019

If you’re a store owner in Philadelphia or the state of New Jersey, and you don’t accept cash from your customers, pretty soon you’ll be breaking the law.

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What Should Modern Monetary Theory Learn From Argentina?

– March 27, 2019

Can governments run large fiscal deficits financed with new money without generating significant inflation? The experience of Argentina calls this view into doubt.

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Keynes Didn’t Invent Aggregate Analysis

– March 27, 2019

By conflating the macroeconomics of Keynes with macroeconomics, we run the danger of discarding the contributions that Keynes himself inherited.

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