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

Where’s that Inflation

– December 9, 2009

Inflation is the result of more dollars chasing the same number of (or fewer) goods. As the Nobel laureate Milton Friedman put it, in one of his main contributions to “monetarist” economics, inflation is always and everywhere a monetary phenomenon—that is, it’s caused by an expansion in the supply of money or credit. So why haven’t we seen inflation in 2009? Are we looking in the wrong places, or is it time to update monetarist theory?

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“A Treatise on Money”

– December 9, 2009

“A Treatise on Money” Juan de Mariana via The Acton Institute Journal of Markets & Morality, Vol. 5, No. 2, Fall 2002.

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The Inflation Tax

– December 9, 2009

The Inflation Tax Greg Mankiw’s Blog Greg Mankiw

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1920-21 and the Great Depression

– December 9, 2009

Put differently: the 1920-21 episode was, in fact, a severe, though not particularly long, recession. Allowing the money supply to fall isn’t painless. Allowing the money supply to fall in an environment of severe downward wage rigidity is VERY “not painless.” The 1920-21 episode doesn’t demonstrate that deflation is harmless. It DOES demonstrate that if you have deflation, it will be less bad if you have nominal wages that are flexible downward. That recession is the best example of why Hoover’s wage policies were such a mistake.

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What Has Government Done to Our Money?

– December 9, 2009

What Has Government Done to Our Money? Murray M. Rothbard Copyright 1980 by The Ludwig von Mises Institute

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The Gold Standard as a “Good Housekeeping Seal of Approval

– December 5, 2009

In this article we argue that during the period from 1870 to 1914 adherence to the gold standard was a signal of financial rectitude, a “good housekeeping seal of approval,” that facilitated access by peripheral countries to capital from the core count …

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Sound Money Essay Contest

– December 2, 2009

Sound Money Essay Contest * The Deadline for The Essay Contest has been extended! Submit your essays to SoundMoneyProject200[email protected] on or before January 15th, 2010. A Monetary System for the Free Society The Atlas Economic Research Foundatio …

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“To Prevent Bubbles, Restrain the Fed”

– December 2, 2009

“The U.S. cannot afford to have another lost decade. Or to see the dreams of another generation of Americans who had been told to take responsibility for their financial health by investing in the stock market dashed by failed monetary and fiscal polic …

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“Why Private Banks and Not Central Banks Should Issue Currency, Especially in Less Developed Countries”

– December 2, 2009

“Nationalization of currency is largely taken for granted today, but it shouldn’t be. Adam Smith praised private currency for the benefits it had brought to his native Scotland. Most economists would agree that a legally enforced government monopoly is …

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“Free-Market Money: A Key to Peace”

– December 2, 2009

“Free-Market Money: A Key to Peace” Steven Horwitz The Freeman, 58 (1), January-February 2008: 13-15.

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“Money: How it works and why”

– December 2, 2009

“Money: How it works and why” Steven Horwitz part of the “Key Concepts in Free Markets” series, Fraser Forum, Vancouver, BC: Fraser Institute, April 2009, pp. 16-17. http://www.fraseramerica.org/commerce.web/product_files/KeyConcepts_Money_US.pdf

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