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

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.

Wednesday, March 7th, 2018

In the 1630s and 1640s, Willem Kieft helped usher in one of the first cases of monetary mismanagement in the new colonies of North America.

Monday, March 5th, 2018

A plucking up of unemployment is followed by a return down with the same magnitude. But a decline in unemployment does not precede a rise of the same magnitude.

Monday, March 5th, 2018

Discretionary central banking places immense information burdens on central bankers.

Sunday, March 4th, 2018

If the monetary authority is targeting inflation or nominal income growth, fiscal policy is either unnecessary or ineffective.

Thursday, March 1st, 2018

Financial regulators ought not inhibit private money creation processes, which make the market more resilient in times of crisis.

Wednesday, February 28th, 2018

There are two important differences between modern cryptocurrencies and the competitive monies F.A. Hayek envisioned.

Tuesday, February 27th, 2018

The blockchain represents a source of money creation that, during a crisis, might limit the extent to which asset prices fall.

Monday, February 26th, 2018

The available evidence suggests that it is painful to lower inflation rates—and that pre-commitments do little to mitigate those costs.

Sunday, February 25th, 2018

Do we need more government oversight for bitcoin? In a recent point-counterpoint debate, AEI's Paul Kupiec and AIER's William Luther square off.

Saturday, February 24th, 2018

Central bank digital currencies will be used by criminals. But central banks should still provide them.