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

Tuesday, June 19th, 2018

In the case of Argentina, three particular problems call into question the “surprise” explanation of the currency crisis.

Thursday, June 14th, 2018

Does the rise of big data make Marx’s centrally planned utopia feasible? The answer is a big no.

Wednesday, June 13th, 2018

The era of monetary cosmopolitanism was brief. But its effect on human welfare was enormous.

Monday, June 11th, 2018

Money is a good that has interesting scaling properties. The more people there are within a given monetary network, the more valuable it is for each person to be a part of that monetary network.

Friday, June 8th, 2018

A new NBER working paper quantifies the relationship between post-WWI policy uncertainty in Europe and hyperinflation.

Thursday, June 7th, 2018

The third issue of the AIER Sound Money Project Working Paper Series is available online. AIER is currently ranked 76th on SSRN's Top 1,600 Entrepreneurship Research & Policy Network Organizations.

Wednesday, June 6th, 2018

Bitcoin and fiat money are not cousins. They are on entirely different branches of the family tree.

Friday, June 1st, 2018

Some Keynesians argue that today’s combination of low inflation and unemployment contradicts the natural-rate hypothesis. But is the labor market really as robust as they claim?

Wednesday, May 30th, 2018

If the central bank should keep inflation in check, what sense does it make to ignore changes in food and energy prices?

Monday, May 28th, 2018

Bitcoin is cheap and easy to use. But it has a long way to go before becoming widely accepted.

Sunday, May 27th, 2018

The equation of exchange provides building blocks for understanding the dynamics of the market for money.

Saturday, May 26th, 2018

Keeping the consumer price level stable in the presence of productivity gains does not mean inflation disappears.

Tuesday, May 22nd, 2018

The once-dead Phillips curve has come back to life. But its underlying argument is still dead wrong.

Monday, May 21st, 2018

Rule-of-law monetary systems are more ethically justifiable. They also work better.

Friday, May 18th, 2018

Monetary theory is beautifully simple. The fundamental principle of economization underlies decisions to hold money or goods and what form of money to hold.

Thursday, May 17th, 2018

Many models in macroeconomics ignore money. A new paper by Ricardo Lagos and Shengxing Zhang suggests that is a mistake.

Wednesday, May 16th, 2018

Can stablecoins compete with existing government currencies?

Friday, May 11th, 2018

A decade ago, I was a fractional-reserve banking skeptic. Today, I’m all for it. Here’s why.

Thursday, May 10th, 2018

Sound money and the progress of civilization are inexorably entwined. Those who would sever this link for the perceived short-run benefits of monetary macro-management and fine-tuning should beware of the harm they court.

Wednesday, May 9th, 2018

Banknotes are useful. Not only do they provide their owner with a standard set of payments services, they also offer financial anonymity. How might a government price the anonymity component?