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, September 6th, 2018

A fixed money supply is not a good monetary rule. Efforts to move toward more elastic supplies should be welcomed.

Wednesday, September 5th, 2018

J.P. Koning argues that the U.S. government should issue—and tax—$500- and $1,000-denomination notes. James McAndrews, Joshua Hendrickson, and William Luther respond.

Tuesday, September 4th, 2018

Financial privacy does not get much attention from central bankers. But questions about privacy are becoming increasingly important.

Thursday, August 30th, 2018

Why do economists believe that the level of GDP we observe is merely nominal and that something called real GDP, which one cannot observe directly, actually exists?

Wednesday, August 29th, 2018

People use money. That itself tells us something about why we shouldn’t eliminate it.

Tuesday, August 28th, 2018

A new proposal would have the Federal Reserve provide interest-paying no-fee deposit accounts to the public.

Monday, August 27th, 2018

Trump’s trade war is heating up. How can the Fed ensure it doesn’t cool down our economy too much?

Thursday, August 23rd, 2018

Would a self-governing society ever choose to delegate the broad monetary, financial, and regulatory powers now enjoyed by central banks?

Wednesday, August 22nd, 2018

Weaponizing one’s influence over expectations can certainly shake up a political scene. But it also serves to shake markets, the source of material prosperity.

Tuesday, August 21st, 2018

A new NBER working paper shows how cryptocurrencies have no exposure to most common stock market risks but do have their own exposure.

Monday, August 20th, 2018

The consequences of proposed exit strategies deserve serious attention. Schnabl’s work is a step in the right direction.

Thursday, August 16th, 2018

AIER’s Sound Money Project has quickly established itself as a leading authority in monetary economics.

Wednesday, August 15th, 2018

The features of monetary institutions that make them illiberal have a high likelihood of making them undemocratic as well.

Wednesday, August 8th, 2018

Nearly 10 years after QE1 began, economists and pundits continue to ask whether the Fed’s expansionary monetary policy was effective. Instead, they should consider whether the Fed actually engaged in expansionary monetary policy.

Tuesday, August 7th, 2018

The blockchain can intermediate funds. That means the elements are in place for the development of a stable financial market.

Wednesday, August 1st, 2018

All policy discussions must recognize constraints. The hard part is knowing which constraints are relevant.

Friday, July 27th, 2018

Central bankers need not merely be alert to market disequilibria. They must foretell, without the proper information, how the whole market will react to new conditions.

Thursday, July 26th, 2018

Why did the Federal Reserve move from a corridor to a floor system in 2008?

Thursday, July 26th, 2018

Whether Iran deserves to be re-embargoed is a complicated matter. But we know for sure that such embargoes put the dollar's dominant role in the global payments system at risk.

Wednesday, July 25th, 2018

A new blockchain initiative promises to make it easier for refugees transporting wealth.