Topic: Sound Money Project

Should central banks target NGDP?

– May 4, 2015

That was the topic of a conference organized by the Center for Free Enterprise at West Virginia University that took place on Saturday, April 25. The conference was divided in two sessions: one where theoretical aspects of NGDP were discussed and anoth …


Greece: Down and probably out

– April 28, 2015

This piece was originally published in Globe Asia, April 2015. By Dr. Steve H. Hanke Led by the charismatic Alexis Tsipras, the Syriza party took office in Athens on January 26th. The most prominent member of the new Prime Minister’s cabinet is Yanis V …

question marks, woman

Op-ed: Is central banking the problem or the solution?

– April 27, 2015

Monetary policy: it doesn’t make headlines like drone stikes or police militarization, but it really should. Considering how much the decisions of central bankers affect the global economy, it makes little sense that candidates and politicians are not …


Sound Money Fellow named Chief Economist of Senate Banking Committee

– April 22, 2015

The Atlas Network’s Sound Money Project is proud to announce that Dr. Thomas L. Hogan has accepted an appointment as Chief Economist of the Senate Banking Committee. Although this means that he will be stepping down from his role as a SMP Fellow, we co …


Op-ed: Status quo on housing finance keeps failed system in place

– April 21, 2015

The following is an excerpt from a piece by Norbert Michel that was originally published by Forbes. The status quo. It’s a powerful force in Washington, D.C. No matter how destructive or inefficient an existing program, institution or system may be, it …


The Taylor Rule and the natural rate of interest

– April 20, 2015

A few weeks ago I commented on whether or not the Market Monetarist position that a 5% growth rate of NGDP (before the subprime crisis) could have been too much. The main point was that other nominal variables did not behave in accordance to what would …


Tax Day targets currency

– April 15, 2015

Today is Tax Day. Across the country, individuals are scrambling to file their tax returns, enjoying discounts from various restaurant chains and (if they’re libertarians) posting lengthy Facebook statuses that outline why taxation is theft. While it’s …


Sound money macro: A follow up

– April 13, 2015

Changes in the price level driven by productivity provide valuable information over time. Trying to offset such changes requires a costly adjustment of prices with no offsetting benefit in terms of the degree to which prices convey information about relative scarcity.


Cato launches new blog: Alt-M

– April 9, 2015

Earlier today, George Selgin, Director of the Cato Institute’s Center for Monetary and Financial Alternatives announced the launch of the Center’s new blog, “Alt-M.” We at the Sound Money Project are excited to continue to work with Dr. Selgin and his …


Wars and the pre-Fed economy

– April 8, 2015

Many economists assume that the Fed has improved U.S. economic performance relative to the pre-Fed periods. As I discussed in a previous blog post, however, the Fed has been better on some margins and worse on others. Most improvements under the Fed ha …


The great stagnation

– April 6, 2015

Ben Bernanke, now at Brookings Institute, has a new blog where he has been discussing low interest rates and the problem of secular stagnation. Great stagnation occurs when there are plenty of savings, but not investment options. Therefore, savings are …


The monetary approach reigns supreme

– April 3, 2015

This article appeared in the April 2015 issue of Globe Asia.  We are still in the grip of the Great Recession. Economic growth remains anemic and below its trend rate in most parts of the world. And what’s more, this state of subdued economic activity …