The Money Illusion

Market Monetarism, the Great Recession, and the Future of Monetary Policy

The Money Illusion
Scott Sumner
RRP:
NZ$ 69.99
Our Price:
NZ$ 55.99
Hardback
h229 x 152mm - 392pg
16 Jul 2021 US
International import eta 10-30 days
9780226773681
Out Of Stock
Currently no stock in-store, stock is sourced to your order
Is it possible that the consensus around what caused the 2008 Great Recession is almost entirely wrong? It' s happened before. Just as Milton Friedman and Anna Schwartz led the economics community in the 1960s to reevaluate its view of what caused the Great Depression, the same may be happening now to our understanding of the first economic crisis of this century. Foregoing the usual relitigating of the problems of housing markets and banking crises, renowned monetary economist Scott Sumner argues that the Great Recession came down to one thing: nominal GDP, the sum of all nominal spending in the economy, which the Federal Reserve erred in allowing to plummet. The Money Illusion is an end-to-end case for this school of thought, known as market monetarism, written by its leading voice in economics. Based almost entirely on standard macroeconomic concepts, this highly accessible text lays a groundwork for a simple yet fundamentally radical understanding of how monetary policy can work best: providing a stable environment for a market economy to flourish.
"Sumner has assembled all of his ideas and commentary since the beginning of the Great Recession regarding monetary policy, encompassing his writing in journals, books, blogs, and policy papers. Given that Sumner is basically the standard bearer of the market monetarists, this is a welcome task. His systematic application of market monetarism to the Great Recession constitutes a valuable contribution and will probably be used as a reference by many. The virtue of the book is that it is accessible to all. "--Vincent Geloso, King' s University College
Scott Sumner is the Ralph G. Hawtrey Chair of Monetary Policy at the Mercatus Center at George Mason University. He is the author of The Midas Paradox: Financial Markets, Government Policy Shocks, and the Great Depression and the economics blog The Money Illusion.
Status: No local stock, title imported to order
ISBN-13: 9780226773681
Published: 16 Jul 2021
Published In: United States
Imprint: University of Chicago Press
Publisher: University of Chicago Press
Format: Hardback
Height: 229mm
Width: 152mm
Pages: 392

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