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, January 30th, 2018

Austrian ideas are ripe for introduction into mainstream macroeconomics. But there is still a lot of work that needs to be done.

Tuesday, January 30th, 2018

A new NBER paper shows that credit-induced banking panics are the exception, not the rule.

Monday, January 29th, 2018

There were many problems with the state bank era. But that does not mean the suppression of state banknotes improved matters.

Friday, January 26th, 2018

Victor Morawetz worried that regional differences would undermine central bank independence.

Thursday, January 25th, 2018

Like clearinghouse associations, the blockchain technology will further stabilize the banking system.

Tuesday, January 23rd, 2018

Problems that arose with the gold standard were certainly associated with deflation. That does not mean the gold standard was inherently deflationary.

Thursday, January 18th, 2018

Macroeconomic theorists and policy makers have taken different routes in recent years.

Wednesday, January 17th, 2018

Is the macroeconomics profession taking an Austrian turn in the wake of the Great Recession?

Wednesday, January 10th, 2018

In many ways, we are better off than we were in the era of the international gold standard. But monetary freedom is not one of them.

Wednesday, January 3rd, 2018

Banks improved financial intermediation, but also made it much easier for rulers to reallocate resources to the themselves while indirectly imposing costs on society at large.

Monday, January 1st, 2018

Allan H. Meltzer’s influence as a monetary historian is undeniable. His role in advancing monetary disequilibrium theory should not be overlooked.

Sunday, December 31st, 2017

Where does money come from? There are two reasonable ways to consider the question.

Saturday, December 30th, 2017

Much progress has been made. And, yet, there is still much room for improvement.

Saturday, December 30th, 2017

When we discuss the origins of money, we are asking about the generation of a new conception where a particular kind of meaning is attributed to an object for the very first time.

Wednesday, December 27th, 2017

A new NBER working paper explains how too-big-to-fail policy encourages risky investments by small banks as well.

Thursday, December 21st, 2017

The extreme focus on price level stability should have been put to rest by the 2008 financial crisis. But conflicting narratives have enabled it to live on.

Monday, December 18th, 2017

There will probably be a downturn at some point. But we can expect that the most functional cryptocurrencies will remain.

Friday, December 15th, 2017

There’s a lot of talk about bitcoin futures markets these days. And for good reason.

Thursday, December 14th, 2017

The Fed's balance sheet crowds out bank lending, stifling economic growth.

Monday, December 11th, 2017

Coinage provided an easy-to-assess standard. It also presented a significant temptation for the fiscal authority.