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: Joshua R. Hendrickson
Fellows: Scott A. Burns, James L. Caton, Nicolás Cachanosky, Judge GlockAlexander W. Salter
Contributors: Brian C. Albrecht, J.P. Koning

Monday, November 19th, 2018

Sweden has been at the forefront of monetary experimentation for centuries. Now they have the distinction of being the only country in the world to experience declining growth in cash in circulation.

Thursday, November 15th, 2018

A new NBER working paper uses bank-level financial and county-level agricultural data to show how risky lending might amplify the boom and bust.

 

Thursday, November 8th, 2018

The fifth issue of the AIER Sound Money Project Working Paper Series is available online. AIER is currently ranked 152nd on SSRN's Top 1,600 Entrepreneurship Research & Policy Network Organizations..

Friday, November 2nd, 2018

Monetary policy has changed significantly in the last decade. How should the Fed move forward?

Thursday, November 1st, 2018

When considering why central bankers do what they do, we often focus on their intentions or motivations. Instead, we should look for patterns of behavior that have adaptive value within the context central banking.

Wednesday, October 31st, 2018

Chinese traction in the small but hypersensitive banknote market indicates that it is succeeding in earning global credibility. But most sizable nations continue to rely on their own state print works.

Monday, October 29th, 2018

A new NBER working paper considers how actions in the federal funds market affect stock prices and trade volume.

Friday, October 26th, 2018

Long-run growth projections have plummeted since the Great Recession. How much blame does fiscal austerity bear for this bleak outlook?

Thursday, October 25th, 2018

Bagehot’s rules are ultimately geared toward assisting illiquid financial organizations but allowing insolvent ones to fail. The Fed went out of its way to support insolvent organizations.

Wednesday, October 10th, 2018

The fourth issue of the AIER Sound Money Project Working Paper Series is available online. AIER is currently ranked 149th on SSRN's Top 1,600 Entrepreneurship Research & Policy Network Organizations.

Wednesday, October 10th, 2018

Ten years after the 2008 financial crisis, economists are beginning to assess the lessons learned. Sometimes we learn the right lessons. Sometimes we learn the wrong lessons.

Tuesday, October 9th, 2018

By continuing its policy of paying interest on excess reserves, the Federal Reserve is courting a crisis.

Monday, October 8th, 2018

Regulation means both Gemini and Paxos must comply with NYDFS anti-money-laundering (AML) rules as well as efforts to counter the financing of terrorists (CFT).

Friday, October 5th, 2018

We must recognize that a whole may exhibit properties that are not present in its parts. But problems come in when the method of study for the economy as a whole looks radically different from that used for its parts.

Thursday, October 4th, 2018

Economists and philosophers engage in a strange form of positive analysis.

Friday, September 28th, 2018

Despite recent events in Venezuela, hyperinflation has become increasingly rare.

Thursday, September 27th, 2018

Historically, fractional-reserve banks have always won out against their full-reserve cousins. But times have changed.

Wednesday, September 26th, 2018

The Federal Reserve has created so much base money that it has found itself between the devil and the deep sea: choosing whether to let the money circulate in the economy, thereby pushing up prices, or to remove this money quickly, thereby potentially creating a deflationary spiral.

Tuesday, September 25th, 2018

For both social contract theory and monetary theory, theorists are considering something that never happened in the past and that they have no reason to believe will happen in the future. Nut such considerations are useful.

Thursday, September 20th, 2018

Price volatility is a big problem in the crypto world. But stable coins like Tether, Sagacoin, and Basis have their own issues.

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