As in past years, the organizers have brought together a very impressive list of participants who have made important contributions over the years helping the profession improve the art of monetary policymaking. I would particularly like to express my deepest gratitude to Professor Thomas Sargent for all of his guidance and support in organizing this year’s conference.
Most importantly, I want to assure him that we have all gone back and reread his JMCB paper published in 1971 on the “Accelerationist” controversy.1) Some might correctly argue that his work along with Milton Freedman’s 1968 Presidential Address to the AEA should have provided ample analytical firepower and warning to prevent the Great Inflation of the 1970s.2) They can certainly help us avoid making a similar mistake today.