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

Friday, June 29th, 2018

Trump’s trade war is heating up. What should central banks do to ensure their economies aren’t damaged too much?

Thursday, June 28th, 2018

Facing competition from blockchain-based tokens, SWIFT has made significant upgrades we all benefit from.

Wednesday, June 27th, 2018

The Fed must abandon its traditional policy lever — open-market operations — in favor of managing the interest it pays on reserves if it is to hit its FFR target while operating in a floor system.

Tuesday, June 26th, 2018

The complexity of credit markets creates difficulty for teaching monetary theory purely through reference to observed data. An appropriate framing should follow the evolution of money and credit.

Monday, June 25th, 2018

The Fed has a lot of policy tools, to be sure. But, traditionally — that is, when the Fed was operating in a corridor system — it exerted influence on the FFR primarily through its open-market operations.

Wednesday, June 20th, 2018

A recent NBER working paper studies what shapes Federal Open Market Committee member opinions.

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.