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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: J.P. Koning
“His analysis implies the Fed could buy every financial asset in the world without causing inflation.” ~ Alexander W. Salter
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“Although realizing losses—or, running quasi-fiscal deficits—is new to the Fed, it is more common in developing countries. The consequences of running quasi-fiscal deficits include inflation and lack of central bank credibility.” ~ Nicolas Cachanosky
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“While Waller sees the recent slowdown in inflation as positive, he is not ready to declare victory as it is only a single data point.” ~ Bryan P. Cutsinger
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“US inflation was not always as persistently high as it has been under the Fed. Before the Fed, the purchasing power of the dollar was determined by supply of and demand for gold.” ~ Thomas L. Hogan
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“There’s no way for non-market actors to direct credit more reliably than market actors. The discipline of profit and loss is essential.” ~ Alexander W. Salter
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“The bill that the US House passed by a voice vote would require the SEC to develop a test to determine whether someone is knowledgeable enough to forgo the investor protections built into public offerings to the general public.” ~ Gerald P. Dwyer
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“Congress is free to define ‘price stability’ however it wishes. If it wants a strict inflation target in all circumstances, that’s its right. But legislators would be well-advised to pay close attention to the microeconomic foundations of monetary policy.” ~ Alexander W. Salter
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“While an increase in market power would certainly affect real income growth, the magnitude necessary to explain inflation is implausibly large.” ~ Bryan Cutsinger
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“Provided the recent monthly inflation figures give us an accurate forecast, the real federal funds rate is significantly above the natural rate. This indicates monetary policy is restrictive.” ~ Alexander W. Salter
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“The Fed may not need to tighten any further, depending on how markets continue to react to its recent policy changes. But this is no time for complacency.’ ~ Alexander W. Salter
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“Kennedy focused on humanity’s common interests — ‘we all inhabit this small planet. We all breathe the same air. We all cherish our children’s future. And we are all mortal.’ Most importantly, we all have minds that can value peace over threats and domination.” ~ Barry Brownstein
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“Monetary policy works with long and variable lags. Inflation is slowing, but it will take some time to come down. Fed officials should not be too concerned about elevated core inflation.” ~ William J. Luther
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