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

inflationrate

What’s the Right Inflation Rate?

– September 5, 2019

There is nothing magical about a 2% inflation target. Recognizing that is a much-needed first step toward better Fed policy.

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digitalcurrency

Who Should Provide Central Bank Digital Currency?

– September 1, 2019

I can think of just one reason why a central bank might want to get into the business of issuing digital currency: to provide privacy. Regulations prevent that. 

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chickenegg

Is It True That the Government Can Spend Before Taxing?

– August 30, 2019

Whether the renegade claim is true depends on how you choose to define the word “government.”

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dallas-federal-reserve

The Fed’s Decentralized System and the Spread of Economic Ideas

– August 28, 2019

Reserve Banks brought monetarism and rational expectations into the monetary policy discussion, and, more recently, they have fostered dissenting views on the Fed’s role as a lender of last resort and the effectiveness of quantitative easing.

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twopillars

Judy Shelton and the Dual Mandate Debate

– August 23, 2019

Shelton is right to criticize the full-employment aspect of the Fed’s dual mandate.

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goldenbricks

Krugman and the Goldbugs

– August 23, 2019

Many economists have strong opinions about the gold standard. Few seem to understand how a gold standard functions.

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fedscary

To Whom Is the Fed Accountable?

– August 17, 2019

We do not want elected officials to police the monetary policy makers. But monetary policy makers have clearly demonstrated that they are incapable of policing themselves. 

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bankknotes

To Save Cash from Extinction, Consider Banknote Lotteries

– July 25, 2019

Cash’s usage in payments has been steadily declining as a percentage of all payments, especially in the developed world. Given the list of cash’s advantages, it’s probably worth the effort of protecting this grungy and unsexy payments option. But what can we do?

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cryptocompetition

Will Money and Finance Keep Decentralizing or Not?

– July 24, 2019

What decentralized finance really needs is something entirely new. Something that regular finance can’t replicate. Something so useful that regular consumers will desert their bank to use it. This killer tool hasn’t been created.

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powerj

How Powell can Set Right Monetary Policy and Financial Markets

– July 14, 2019

It is the perfect time for Powell to set right the financial sector and establish a return to normalcy.

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sandbox

No Sandbox for Libra

– July 2, 2019

Libra could become successful, but there are acknowledged technical issues that must be resolved for that success to happen, and they will take time.

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shutterstock_111602900

Here’s What Wrong With Bernie’s Plan to Eliminate Student Loan Debt

– June 28, 2019

If we want to get serious about the student loan problem, we should focus less on the point of repayment and more on the point of origination.

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