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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
“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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“By adopting a nominal spending target, the Fed would embrace a regime that provides clear guidance on the required spending level during times of crisis. This shift would enhance the Fed’s ability to navigate economic downturns effectively.” ~ Nicolás Cachanosky
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“The price system worked exceptionally well precisely because the Fed had successfully established a credible nominal anchor. As a result, the economy could sustain a historically low unemployment rate.” ~ Bryan P. Cutsinger
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“Dollar depreciation is why prices are rising. The Fed’s monetary policy, aided and abetted by the President’s and Congress’s massive deficits, are the real cause.” ~ Alexander W. Salter
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“We are likely at the point where the risk of doing too much exceeds the risk of doing too little. It makes sense for the Fed to hold for now, and see how the incoming data looks over the next few months.” ~ William J. Luther
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“The economic might of the United States is built on free enterprise. The assaults on private property and the rule of law by Washington insiders threaten the system on which our prosperity depends.” ~ Alexander W. Salter
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“There’s no time to lose. Aspiring Republicans must get serious about fixing the Fed.” ~ Alexander W. Salter
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“Excessive government spending makes us less productive than we otherwise would be, resulting in a permanently lower level of employment and output.” ~ Alexander W. Salter
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“Climate-related innovation does not seem to pose a unique risk to the financial system. And lenders have a long history of adapting to technological innovation.” ~ Bryan Cutsinger
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“Fed officials may worry that the disinflation process has stalled. For this reason, the latest data likely increases uncertainty about the future course of monetary policy.” ~ William J. Luther
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“A wide range of outcomes are still possible for 2023, ranging from stagflation to a ‘soft landing.'” ~ Thomas L. Hogan
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“Politicians on the left would like us to believe inflation is caused by greedy corporations. And some academics are all too happy to provide them with theoretical cover.” ~ William J. Luther
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