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What we have done for you lately

Noah Smith describes the Austrian tradition in monetary theory as a "(mostly dead) econ research paradigm." I beg to differ. Here is a rather long list of things that what Smith terms the GMU (George Mason University) wing of the Austrian School has done lately in monetary economics–"lately" being defined as within the last generation, the span in which almost everyone listed below began publishing on monetary economics.

1. Revived interest in the historical experience of free banking around the world (Larry White, Free Banking in Britain and the 3-volume edited set Free Banking; Kevin Dowd, The Experience of Free BankingGeorge Selgin in a number of of essays; me to a lesser extent with essays in The Experience of Free Banking).

2. Developed the theoretical underpinnings necessary for understanding better how free banking works (George Selgin, The Theory of Free Banking; Larry White, The Theory of Monetary Institutions; Steve Horwitz, Monetary Evolution, Free Banking and Economic Orderthe late Larry Sechrest, Free Banking; David Glasner as a onetime Austrian fellow traveler, Free Banking and Monetary Reform).

3. Explored the history of thought and theory of the "new monetary economics" (Tyler Cowen and Randy Kroszner, Explorations in the New Monetary Economics).

4. Revived the theory and practice of currency boards (Steve Hanke and me, Russian Currency and Finance and Currency Boards for Developing CountriesGeorge Selgin to a lesser extent in essays).

5. Revived the theory and practice of dollarization (me, "Basics of Dollarization" and "Encouraging Official Dollarization in Emerging Markets"; Steve Hanke in numerous articles in the press).

6. Presciently critiqued inflation targeting back when there were few skeptical voices on the subject (George Selgin, Less than Zero).

7. Documented the influence of the Federal Reserve on monetary economists (Larry White, " The Federal Reserve System's Influence on Research in Monetary Economics").

8. Deepened research on the monetary history of the United States (Larry White; George Selgin; Dick Timberlake as an Austrian fellow traveler, Constitutional Money).

9. Documented how private coinage supplied the needs of the public in England near the start of the Industrial Revolution when government coinage was dysfunctional (George Selgin, Good Money).

10. Uncovered voluminous neglected material on the Bretton Woods conference, a key moment in modern monetary history (me, The Bretton Woods Transcripts, though admittedly the theme is not especially Austrian).

11. Explored agent-based modeling in monetary theory (dissertations by Pedro Romero and Will McBride).

12. Explored the implications of electronic money for monetary policy (Larry White, George Selgin).

13. Written extensively on the history of monetary thought and economic thought more generally(Larry White, The Clash of Economic IdeasGeorge Selgin, essays; Steve Horwitz, Microfoundation and Macroeconomics).

14. Written on the theory of finance and financial regulation (Kevin Dowd, Competition and Finance; George Selgin, Bank Deregulation and Monetary Order).

15. Developed a new database on worldwide monetary history (me–Historical Financial Statistics, which will expand substantially within the next year).

16. Created the definitive list of historical experiences of hyperinflation (Steve Hanke, "World Hyperinflations").

(Some of these works were written with non-Austrian coauthors not listed.)

That's off the top of my head, concentrating on my particular friends and neglecting other achievements by them and others that I invite readers to list in the comments. Noah Smith comments that he has "seen nothing and read nothing from the GMU Austrians." We are only a click away. Look for us in the library (try WorldCat), in EconLit, in Google Scholar, in the popular press, and in blogs. We have written and continue to write a lot, and we have had some practical influence on the way the world works.

(Note: Updated with more detail. And see the comments, which contain still more.)