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

“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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Meltdown

– December 16, 2009

“President Obama rammed through his new stimulus bill, warning of an irreversible recession if Congress failed to act. But bestselling author Thomas E. Woods Jr. warns that Obama’s “stimulus package” will do far more damage to our economy than even the …

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“No More Central Banks”

– December 16, 2009

“Currency crises have become more and more frequent in part because speculators can mobilize more and more money. A generation ago, central banks, like the U.S. Federal Reserve System, had more money than anyone else and weren’t afraid to use it to pun …

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Bernanke is Time’s Person of the Year

– December 16, 2009

Bernanke is Time’s Person of the Year Steve Horwitz The Austrian Economists

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Ron Paul: The People’s Champion

– December 16, 2009

Ron Paul talks inflation and economics with CNN.

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Without Sound Money, Markets Fail

– December 16, 2009

“Nobel Economics Laureate F.A. Hayek summed up the enigma of money succinctly: “Money, the very “coin” of ordinary interaction, is [hence] of all things the least understood and—perhaps with sex—the object of greatest unreasoning fantasy; and like sex …

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“Gold Standard Policy and Limited Government”

– December 16, 2009

Are monetary and banking problems due to a few misguided policies or incompetent managers? Or are there fundamental flaws in monetary and financial institutions, principally central banks and the legal and monetary frameworks that accompany them? “Gold …

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“A Match Can Cause a Forest Fire: A Response to Brad DeLong”

– December 16, 2009

“My essay on causes of the financial mess focused on trying to identify the initial “impulses” that set the boom-bust cycle in motion because (as this symposium shows) economists have a variety of views about the impulses, and because identifying them …

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“What Really Happened”

– December 16, 2009

“Our ongoing financial turmoil began in the mortgage market. Real-estate loans at commercial banks grew at a remarkable 12.26 percent compound annual rate over the four-year period from the midpoint of 2003 to the midpoint of 2007.[1] The expanded volu …

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“The Monetary Theory”

– December 16, 2009

“The Monetary Theory” Chapter 3 of: Economics as a Coordination Problem: The Contributions of Friedrich A. Hayek Gerald P. O’Driscoll, Jr. Kansas City: Sheed Andrews and MkMeel Inc., 1977.

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