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

Thursday, May 16th, 2019

Volatility is to be expected for new media of exchange. But one should also be able to trace a lot of that volatility to news.

Wednesday, May 15th, 2019

Some claim that, over the last decade, tight monetary policy slowed down what would otherwise have been a rather speedy recovery. Can that possibly be right?

Wednesday, May 15th, 2019

The jury is still out on whether Dodd-Frank has made the financial system more robust. But we are starting to get a clearer picture of what impact it has had on compliance cost, bank lending, and bank consolidation.

Tuesday, May 14th, 2019

A monetary rule would provide guidance and stability. But monetary rules are not incentive-compatible for monetary policy makers.

Monday, May 13th, 2019

In a recent report, the Government Accountability Office recommends altering the metal content of the nickel and casts doubt on the benefits of suspending production of the penny.

Friday, April 19th, 2019

In a new report, the Government Accountability Office (GAO) considers the financial benefit of switching to a $1 coin.

Friday, April 19th, 2019
In a recent NBER working paper, Margaret M. Jacobson, Eric M. Leeper, and Bruce Preston argue that FDR’s abandonment of the gold standard helped bring an end to the Great Depression.
Thursday, April 11th, 2019

The president’s decisions to nominate Stephen Moore and Herman Cain leave a lot to be desired. But that is no excuse for perpetuating the myth that the Fed has been independent up until now.

Wednesday, April 10th, 2019

FDR set the standard for future progressives who wished to exercise broad powers to mold the world as they think best.

Friday, April 5th, 2019

There is growing support for the idea that meddling with market interest rates is a bad idea. Interest rates coordinate intertemporal production plans, and any attempt to alter them will entail undesirable unintended consequences. 

Thursday, April 4th, 2019

Government expenditures can be funded by increasing reserves at the Federal Reserve. But limits on the demand for reserves mean inflation will follow.

Tuesday, April 2nd, 2019

Some scholars argue that ordinary citizens should be allowed to open bank accounts at the Fed. Is this the best way to reduce financial exclusion?

Monday, April 1st, 2019

If you're a store owner in Philadelphia or the state of New Jersey, and you don't accept cash from your customers, pretty soon you'll be breaking the law.

Friday, March 29th, 2019

The problem with Moore is not that he doesn’t have a Ph.D. The problem is that he is less like Alan Greenspan, and more like Arthur Burns.

Friday, March 29th, 2019

By conflating the macroeconomics of Keynes with macroeconomics, we run the danger of discarding the contributions that Keynes himself inherited.

Thursday, March 28th, 2019

Can governments run large fiscal deficits financed with new money without generating significant inflation? The experience of Argentina calls this view into doubt.

Monday, March 25th, 2019

The Fed could be much better than it is. But it could also be much worse. Adding Stephen Moore to the Board of Governors would be a step in the wrong direction.

Thursday, March 21st, 2019

Financial privacy and autonomy are important. But cash and cryptocurrencies are not the only means to those ends.

Monday, March 18th, 2019

It is not hard to find commentary on the internet indicating that Bitcoin is bound to fail. But there is no reason to think that cryptocurrencies will disappear.

Friday, March 15th, 2019

Control over money is the legal privilege of the monetary authority. But the monetary authority is not above reproach.