The New York Times reports that former Federal Reserve chairman Alan Greenspan has negotiated a book advance of more than $8.5 million. The deal resulted in what is believed to be one of the highest advances for a nonfiction book in the history of book publishing.

The book is scheduled for release in approximately 18 months. Mr. Greenspan commented that he will not do significant consulting, but that he does plan to speak periodically until the book is closer to completion.