Money Illusion

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

Häftad, Engelska, 2023

AvScott Sumner

279 kr

Beställningsvara. Skickas inom 7-10 vardagar. Fri frakt för medlemmar vid köp för minst 249 kr.

Finns i fler format (1)

Inbunden

549 kr

Skickas inom 11-20 vardagar

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.

Produktinformation

Utgivningsdatum2023-05-06
Mått152 x 226 x 18 mm
Vikt599 g
FormatHäftad
SpråkEngelska
Antal sidor392
FörlagThe University of Chicago Press
ISBN9780226826561

Tillhör följande kategorier

Nationalekonomi inom Ekonomi och Ledarskap

PrefaceIntroduction: The Real Problem Was NominalPart I. The Value of MoneyChapter 1. Cognitive Illusions in EconomicsChapter 2. The Value of Money and Money IllusionChapter 3. What Determines the Value of Money?Chapter 4. The Quantity Theory of Money and the Great InflationChapter 5. Money at the Extremes: Hyperinflation and DeflationChapter 6. It’s (Almost) All about ExpectationsPart II. The Dance of the DollarChapter 7. The Great Depression and the AS-AD ModelChapter 8. One Derivative beyond HumeChapter 9. Rational Expectations and Efficient MarketsPart III. Never Reason from a Price ChangeChapter 10. The Musical-Chairs ModelChapter 11. What Is Monetary Policy?Chapter 12. Nominal and Real Exchange RatesPart IV. How to Think about MacroeconomicsChapter 13. The Path to Market MonetarismChapter 14. I See Dead PatternsChapter 15. Good Economists Don’t Forecast, They Infer Market ForecastsChapter 16. The Secret History of Monetary PolicyPart V. The Great RecessionChapter 17. Fed Policy in 2008: A Case of Self-Induced Paralysis?Chapter 18. A Confession of Contractionary EffectChapter 19. Schadenfreude on the TitanicChapter 20. Alternative Explanations of the Great RecessionPart VI. What Does It All Mean?Chapter 21. Policy Implications of Market MonetarismChapter 22. Why Should You Believe in Market Monetarism?AcknowledgmentsNotesBibliographyIndex

"This thoughtful and broad-ranging critique of the post-financial crisis consensus on macroeconomic policy is worth reading for anyone interested in monetary policy. . . . Some may wonder why anyone today would write (or read) a book raking over the [2008] financial crisis, when the world has moved on to dealing with the pandemic, war in Europe, and how to manage economic policy in an era of wild political see-saws. In fact, Sumner’s book is of great significance to our current crises, and his challenge to conventional wisdom is bracing."