Blooming Hopes

Market monetarism has a unique position among macroeconomic schools of thought, as it is established on the Internet (specifically in the blogosphere). Of course, this has advantages as well as disadvantages.

The biggest advantage is that it is the first and a pioneer in this regard. It seems obvious to me that this has made a tremendous impact and is guiding similar, nascent schools. However, it carries an equally great handicap: although it has been growing rapidly in academia since its inception(when Lars Christensen coined the term), it has fewer academic studies than other schools.

I think this gap is gradually closing, but it seems clear that there are still not enough studies in the literature.
(Meanwhile, a new book by Scott Sumner on Market Monetarism will be published next year. It was undoubtedly a huge shortcoming, so it is not surprising that everyone was eagerly awaiting the book.)

Aside from all these, I believe that those who will close this gap will be the new generation market monetarists. In fact, this is one of the issues I am most hopeful for the 2020s. Let’s hope Market Monetarism reaches a more advanced level.

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