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

The Coronavirus Reveals the Limits of Monetary Policy

– March 2, 2020

There is a growing buzz in the media that the Federal Reserve and other central banks should provide support due to any slowdown that accompanies the coronavirus.

READ MORE

Banking the Unbanked: Lessons from the Developing World

– February 29, 2020

Access to financial services, or “financial inclusion,” has long been recognized as a critical step towards escaping poverty. Having a bank account enables people to protect their savings, diversify risk, lower transaction costs and access credit …

READ MORE

Why Is Maduro Pushing the Petro?

– February 20, 2020

Why would the Venezuelan government prefer the petro? Three reasons stand out.

READ MORE

Dollarization in Ecuador after 20 Years

– February 18, 2020

In January, Ecuador celebrated its 20th anniversary of dollarization. The Bastiat Society of Guayaquil and the Instituto  Ecuatoriano de Economia Política organized a conference to discuss the pros and cons of Ecuador’s monetary regime. Internatio …

READ MORE

The Overnight Lending Intervention That Wasn’t

– February 8, 2020

Recent intervention in the overnight lending market is not precisely an intervention. In some ways, it is a dis-intervention. Viewed in terms of the net effect of activity by the Federal Reserve, the recent accumulation of repurchase agreements has onl …

READ MORE

Federal Reserve as Risk Regulator: An Impossible Task

– February 7, 2020

How big are the costs of various possible regulations applied to leveraged loans? No one knows. The balancing act of simply regulating leveraged loans requires knowledge that simply is not available to the Federal Reserve Board.

READ MORE

Macroeconomic Inferences and the New Fed Regime

– January 23, 2020

Under what conditions can we make valid inferences about the state of the economy from macroeconomic data? As it turns out, this seemingly unproblematic procedure becomes difficult when policy makers have got their eye on the data, too. This applies to …

READ MORE

Why Aren’t Anti-Money-Laundering Regulations Adjusted for Inflation?

– January 23, 2020

Banks and other financial institutions are required by law to implement measures for catching money launderers. Over the decades, these obligations have been getting more onerous due to new rules and the tightening of existing rules. They have also bec …

READ MORE

Venmo, The Public Version

– January 19, 2020

As Vice reports, New York lawmakers want to create a “public Venmo.” Venmo, which is owned by PayPal, allows users to make person-to-person payments. Under the proposal, New York State would build and operate its own Venmo-like payments platform.  …

READ MORE

Winner, Winner Chicken Dinner

– January 16, 2020

The latest consumer price index report marks the end of a nearly seven-year bet with my dissertation advisor — a bet that I have officially won.

READ MORE
govgold

The 2019 Sound Money Project Essay Contest Winners

– January 15, 2020

What are the merits of returning to the gold standard? Is such a system feasible today?

READ MORE

The Effect of Data Lags on Monetary Policy

– January 14, 2020

Recognizing the existence of these lags does not imply that the Fed is incapable of reducing the depth and duration of recessions. However, it should instill a sense of humility in those of us considering what the Fed might accomplish in practice.

READ MORE