Name: The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy
Brand: University of Chicago Press
SKU: 9780226826561
Price: 2303.0 INR
Availability: InStock

The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy

by Scott Sumner

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ISBN13: 9780226826561
Binding: Paperback
Subject: N/A
Publisher: University of Chicago Press
Publisher Imprint: University of Chicago Press
Publication Date: May 6, 2023
Pages: 392
Original Price: GBP 20.0
Language: English
Edition: N/A
Item Weight: 599 grams
BISAC Subject(s): Economics / Macroeconomics and Economic History

About The Book

The first book-length work on market monetarism, written by its leading scholar.

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 the 21st century.

Forgoing the usual relitigating of problems such as 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 the 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.

About The Author

Sumner, Scott: - 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 TheMoneyIllusion.

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