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

Monday, April 30th, 2018

The idea that a central bank might be constrained by rules is problematic. It merely moves the central bank's choices to the more abstract level of selecting and interpreting rules.

Saturday, April 28th, 2018

Economists bade farewell to Leland Yeager, one of the greatest monetary thinkers of the 20th century, earlier this week.

Friday, April 20th, 2018

Dividing the world into “centralized” and “decentralized” obscures important features of the bitcoin protocol. A more sophisticated lexicon would leave scope for “distributed” processes.

Friday, April 20th, 2018

Following the financial crisis and Great Recession, many bloggers (and some economists) have expressed disappointment with the state of macroeconomics. Randall Wright offers a more optimistic perspective.

Thursday, April 19th, 2018

Venezuela recently launched its own cryptocurrency. If recent history is any indicator, investors should steer clear.

Wednesday, April 18th, 2018

If the language of commerce is quid pro quo, money is its grammar.

Tuesday, April 17th, 2018

The fact that Anderson’s theory of money seems to fail the Bitcoin test forces us to question our long tradition of issuing new coins that contain precious metals, or banknotes redeemable for some other, already valuable instrument.

Monday, April 16th, 2018

If macroeconomists do not want to take responsibility for crises, then they should refrain from endorsing unstable monetary institutions.

Tuesday, April 10th, 2018

A trade war would not only make the United States less productive. It would also make monetary policy more difficult.

Thursday, April 5th, 2018

In a recent Econometrica article, Matthias Doepke and Martin Schneider model money as a standardized unit of account.

Wednesday, April 4th, 2018

The inability of Hayek and other scholars to join forces against Keynes’s supposed innovations arguably contributed to Keynes’s victory among academics in the immediate post-war period.

Wednesday, April 4th, 2018

Through incentive and information problems, the Fed–rather than free markets–caused the 2007-8 financial crisis.

Saturday, March 31st, 2018

Economists have modeled some, but not all, of money’s functions.

Saturday, March 31st, 2018

Financial markets naturally promote monetary equilibrium. At their best, central banks attempt to emulate the functions of financial markets.

Tuesday, March 27th, 2018

The first two issues of the new AIER Sound Money Project Working Paper Series are available online.

Saturday, March 24th, 2018

A sovereign GDP-linked bond pays the bondholder only if certain economic conditions hold.

Friday, March 23rd, 2018

Debasement helps the mint defend against an aggressive counterfeiter.

Friday, March 16th, 2018

The continued growth of mobile money should excite anyone who believes private sector innovations are the best means of achieving sustainable economic and financial development across the developing world.

Thursday, March 15th, 2018

A purely private banking system is impossible today. It is worth considering for tomorrow.

Thursday, March 8th, 2018

Restricting trade to boost aggregate demand is a fool’s errand.

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