I’d like to point out that this has been a group effort by all of the market monetarists. Woodford, Krugman, and Jan Hatzius of Goldman Sachs all mentioned David Beckworth. I’m not trying to engage in false modesty, I presume some of my posts were fairly persuasive, or maybe I’m just a louder voice. But I lack the technical skills of people like Beckworth and Josh Hendrickson. Nick Rowe knows much more theory than I do, and is a more creative thinker. David Glasner and Bill Woolsey know more economic history than I do. Marcus Nunes and Lars Christensen work harder than I do. So it’s a real group effort, and I think we complement each other well. Then there’s Robert Hetzel, who is at the Fed itself, but whose new book on Fed policy is the single most influential market monetarist research in recent years, at least within the profession. Indeed once you start naming names it’s hard to know where to stop. George Selgin isn’t in the market monetarist camp, but first developed some of the pro-NGDP arguments used by market monetarists. He’s also given me good advice on research. All the George Mason bloggers have been an inspiration. In late 2008 a student named Tianning Yu gave me the idea for doing a blog. And of course the many commenters have been a huge help. Being forced to defend my position against strong arguments has made me sharpen my message, and once in a while it’s led me to change my views.
In case you missed the announcement, before I went to China I decided I wouldn’t respond to comments this fall. I am teaching an extra class, and have lots of other activities planned. I still read the comments. Inevitably I do answer a few, but don’t be offended if I don’t get to yours. I can announce that the Independent Institute has agreed to publish my Depression book, probably in mid-2013. It’s been a long struggle. I do plan on doing a book on the issues discussed in my blog, but given how long the Depression book took I won’t make any promises on timing.