Sound Money Project


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. The Sound Money Project also hosts an annual essay contest. 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
Fellows: Scott A. Burns, James L. Caton, Nicolás Cachanosky, Judge GlockAlexander W. Salter
Contributors: Brian C. Albrecht, J.P. Koning

Saturday, August 17th, 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. 

Thursday, July 25th, 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?

Wednesday, July 24th, 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.

Sunday, July 14th, 2019

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

Tuesday, July 2nd, 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.

Thursday, June 27th, 2019

The benefits of higher education fall almost entirely on the recipient. So should the costs.

Thursday, June 27th, 2019

For hundreds of millions of citizens across the world, digital currencies like Bitcoin, Ripple, and potentially even the Libra don’t pose a threat to financial stability. They offer an escape from chronic financial instability and high and variable rates of inflation that result from poorly managed government monies.

Tuesday, June 25th, 2019

A decade has passed since the financial crisis of 2008-9. Unfortunately, the Fed is more politically exposed (and policy constrained) than ever.

Monday, June 24th, 2019

In times past the monetary authorities confined these sorts of stringent measures to war-time. Perhaps they should stay that way.

Thursday, June 20th, 2019

The trade war is heating up. Unfortunately, the Fed’s current framework will exacerbate the damage.

Tuesday, June 18th, 2019

Cryptocurrencies are a different sort of financial technology from bank deposits, yet they are being shoehorned into the same category for regulatory purposes.

Monday, June 17th, 2019

Let’s hope other Argentinian economists give this proposal serious consideration.

Thursday, June 13th, 2019

Almost everybody likes receiving services from the government. Almost nobody likes paying for them.

Wednesday, June 12th, 2019

If the binding zero lower bound did not prolong the last recession, it may not prolong the next.

Monday, June 10th, 2019

Fed Chair Jerome Powell has suggested that Federal Reserve policy might not tighten as much as anticipated. He has also changed the regime that dominated the last decade of monetary policy.

Friday, June 7th, 2019

Money creation was far from excessive in the 1920s. More significant factors leading to the Great Depression include the monetary contraction that began in 1929 and the French repatriation of gold that started in 1927.

Wednesday, June 5th, 2019

The problem with constrained discretion is that it leaves up to central bankers the decision when to switch from rule-like behavior to discretionary behavior.

Monday, June 3rd, 2019

A bank charter has been granted to The Narrow Bank in Connecticut. But the idea of narrow banking is not new.

Friday, May 31st, 2019

To reduce inflation and keep the Argentine peso stable going forward, the Macri administration adopted an inflation-targeting regime. But, just 26 months after its implementation in September 2016, the inflation-targeting regime had failed. What went wrong?

Thursday, May 30th, 2019

In a new NBER working paper, Felipe Benguria and Alan M. Taylor consider whether financial crises usually stem from the demand or supply side of the market.