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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
“It’s not that Argentina lacks dollars. Rather, it is that the Argentine government lacks the will to commit to its dollarization plan.” ~Nicolás Cachanosky
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“Higher rates could be a sign of loose money, not tight, depending on how far from the policy change we’re looking and how fast the market adapts.” ~ Alexander W. Salter
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“So rather than starting to tighten policy in the fourth quarter of ‘21, as Powell described, the Fed was implicitly loosening policy through May of ‘22.” ~Thomas L. Hogan
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“At most, large deficits impelled the Fed to support the market for government debt by purchasing more debt than it should have. The central bank, not the fiscal authorities, is the residual determiner of aggregate demand.” ~Alexander W. Salter
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“Team Transitory’s narrative just doesn’t cohere. Whether we’re trying to explain the Great Inflation of the 1970s and early 1980s, or the inflation of the past two years, we need to rely on demand-side mechanisms.” ~Alexander W. Salter
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“Microeconomic relative-price dynamics increasingly drive inflation measurements. That means the Fed should not be afraid to ease off the brakes.” ~Alexander W. Salter
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“The delayed implementation of dollarization in Argentina presents challenges that could have been avoided had Milei honored his promise to abandon the peso straightaway.” ~Nicolás Cachanosky
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“The Fed’s self-conception as an apolitical technocracy blinds it to the degree to which it has weighed in on fundamental political issues, which instead ought to be deliberated in Congress.” ~Alexander W. Salter
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“While not a groundbreaking revelation for any central bank, the lack of concern about the economic and institutional implications of monetizing financial obligations is cause for concern.” ~Nicolas Cachanosky
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“Even if Fed economists have underestimated the natural rate of interest by half, monetary policy looks slightly tight. It looks very tight if the natural-rate figures are anywhere close to correct.” ~Alexander W. Salter
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“After a rough couple of rounds, inflation has come out swinging. It doesn’t have the legs for a knockout punch, but it remains a troublesome opponent.” ~Alexander W. Salter
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“The extent to which the Federal Reserve will take measures to hold back TCH-RTP’s growth was not yet clear (and maybe it still isn’t). Institutions may be hedging their bets or testing both systems.” ~Nicolás Cachanosky
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