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

In Argentina, Inflation Is Still a Monetary Phenomenon

– January 9, 2020

If there is a lesson to be learned from the Argentinian experience, it is that one should never underestimate people’s willingness and capacity to rationalize alternative, but clearly wrong, explanations of well-known problems like inflation.


What Is the Relationship Between Monetary Policy and Fiscal Policy?

– January 5, 2020

Hydraulic Keynesianism is now usually found in the comparatively unsophisticated realm of the popular press.

Eye of State and Toe of Frog

Monetary Policy: Seeing Like a State

– December 27, 2019

If monetary policymakers actually wish to contribute to the public welfare, they need to stop seeing like a state.


The End of Traditional Monetary Policy

– December 27, 2019

Last June, the FRED Blog identified something that has emerged in discussions I have had with other macroeconomists: the standard macroeconomics textbook no longer adequately explains monetary policy at the Federal Reserve.  Before the crisis in t …

Anonymity Vouchers

Anonymity Vouchers: An Improvement for Private Transactions

– December 26, 2019

Financial anonymity is a controversial topic. It’s no wonder that central bankers, a conservative lot, tend to shy away from it. A recent paper from the European Central Bank (ECB) outlining a proof of concept for anonymous digital currency payments is …


Negative Nominal Interest Rates: Just Say No

– December 24, 2019

Not willing to let a terrible proposal die, President Trump has reiterated his suggestion that the United States would be better off with negative nominal interest rates. In a line that generated laughter, he said, “Many [in the eurozone] are actually …


Some Questions Regarding the FedNow Project

– December 19, 2019

The Federal Reserve has announced its commitment to developing its own round-the-clock real-time payments service. The FedNow Service promises to clear a transfer between U.S. banks in mere seconds — 24 hours a day, 7 days per week. At face value, this …


Financial Services and Hate Speech

– December 17, 2019

The battle over financial deplatforming isn’t going to go away. Before we act, let’s be sure we’ve thought things over.


PayPal, Pornhub, and Financial Inclusion

– November 21, 2019

While PayPal’s de-risking of PornHub is unfortunate, there are many alternative payment options available to PornHub’s content providers. Competition saves the day. For now, at least.


Hidden Intervention: Political Motivations Driving Fed Policy

– November 8, 2019

The Federal Reserve is subsidizing the Treasury. The apparent trouble in overnight markets appears to have provided an excuse to quietly reengage in the now decade-old program of support.


The Gamification of Bitcoin

– November 7, 2019

It’s possible that bitcoin-as-game will stay popular for a very long time. And if it does, that could be a good thing.


The Ideal Money Is Global

– November 6, 2019

The optimal currency area is the maximum currency area.