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The money illusion : market monetarism, the Great Recession, and the future of monetary policy

The money illusion : market monetarism, the Great Recession, and the future of monetary policy (Loan 1 times)

Material type
단행본
Personal Author
Sumner, Scott, 1955- author.
Title Statement
The money illusion : market monetarism, the Great Recession, and the future of monetary policy / Scott Sumner.
Publication, Distribution, etc
Chicago :   University of Chicago Press,   2021.  
Physical Medium
ix, 404 p. : ill. ; 24 cm.
ISBN
9780226773681
요약
"The Money Illusion is George Mason University economist Scott Sumner's end-to-end case for an evolved, less discretionary approach to monetary policy, which he and his cohort have termed "market monetarism." The nominal use of "market" here is telling: Sumner argues that public confidence in central banking institutions like the Fed is central, and as critical as forecasting, to ensuring the health and stability of the economy. To achieve it, he makes a case that monetary policy should be indexed against a pre-set growth trajectory (in the form of a steadily increasing nominal GDP), not regulated ad-hoc through interpretations of short-term market changes. As Sumner tells it, the Fed is simultaneously responsible for the Great Recession and our best safeguard against having it happen again. Part of that is a responsibility to chart a course, and to do so with transparency"--
Content Notes
Introduction: The real problem was nominal -- The value of money. Cognitive illusions in economics ; The value of money and money illusion ; What determines the value of money? ; The quantity theory of money and the Great Inflation ; Money at the extremes: hyperinflation and deflation ; It's (almost) all about expectations -- The dance of the dollar. The Great Depression and the AS-AD model ; One derivative beyond Hume ; Rational expectations and efficient markets -- Never reason from a price change. The musical-chairs model ; What is monetary policy? ; Nominal and real exchange rates -- How to think about macroeconomics. The path to market monetarism ; I see dead patterns ; Good economists don't forecast, they infer market forecasts ; The secret history of monetary policy -- The Great Recession. Fed policy in 2008: a case of self-induced paralysis? ; A confession of contractionary effect ; Schadenfreude on the Titanic ; Alternative explanations of the Great Recession -- What does it all mean? Policy implications of market monetarism ; Why should you believe in market monetarism.
Bibliography, Etc. Note
Includes bibliographical references and index.
Subject Added Entry-Topical Term
Monetary policy --United States. Recessions --Effect of monetary policy on --United States.
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245 1 4 ▼a The money illusion : ▼b market monetarism, the Great Recession, and the future of monetary policy / ▼c Scott Sumner.
260 ▼a Chicago : ▼b University of Chicago Press, ▼c 2021.
264 1 ▼a Chicago : ▼b University of Chicago Press, ▼c 2021.
300 ▼a ix, 404 p. : ▼b ill. ; ▼c 24 cm.
336 ▼a text ▼b txt ▼2 rdacontent
337 ▼a unmediated ▼b n ▼2 rdamedia
338 ▼a volume ▼b nc ▼2 rdacarrier
504 ▼a Includes bibliographical references and index.
505 0 ▼a Introduction: The real problem was nominal -- The value of money. Cognitive illusions in economics ; The value of money and money illusion ; What determines the value of money? ; The quantity theory of money and the Great Inflation ; Money at the extremes: hyperinflation and deflation ; It's (almost) all about expectations -- The dance of the dollar. The Great Depression and the AS-AD model ; One derivative beyond Hume ; Rational expectations and efficient markets -- Never reason from a price change. The musical-chairs model ; What is monetary policy? ; Nominal and real exchange rates -- How to think about macroeconomics. The path to market monetarism ; I see dead patterns ; Good economists don't forecast, they infer market forecasts ; The secret history of monetary policy -- The Great Recession. Fed policy in 2008: a case of self-induced paralysis? ; A confession of contractionary effect ; Schadenfreude on the Titanic ; Alternative explanations of the Great Recession -- What does it all mean? Policy implications of market monetarism ; Why should you believe in market monetarism.
520 ▼a "The Money Illusion is George Mason University economist Scott Sumner's end-to-end case for an evolved, less discretionary approach to monetary policy, which he and his cohort have termed "market monetarism." The nominal use of "market" here is telling: Sumner argues that public confidence in central banking institutions like the Fed is central, and as critical as forecasting, to ensuring the health and stability of the economy. To achieve it, he makes a case that monetary policy should be indexed against a pre-set growth trajectory (in the form of a steadily increasing nominal GDP), not regulated ad-hoc through interpretations of short-term market changes. As Sumner tells it, the Fed is simultaneously responsible for the Great Recession and our best safeguard against having it happen again. Part of that is a responsibility to chart a course, and to do so with transparency"-- ▼c Provided by publisher.
650 0 ▼a Monetary policy ▼z United States.
650 0 ▼a Recessions ▼x Effect of monetary policy on ▼z United States.
945 ▼a ITMT

Holdings Information

No. Location Call Number Accession No. Availability Due Date Make a Reservation Service
No. 1 Location Main Library/Western Books/ Call Number 339.530973 S956m Accession No. 111864641 Availability In loan Due Date 2022-09-13 Make a Reservation Available for Reserve R Service M

Contents information

Table of Contents

Preface
Introduction: The Real Problem Was Nominal

Part I. The Value of Money

Chapter 1. Cognitive Illusions in Economics
Chapter 2. The Value of Money and Money Illusion
Chapter 3. What Determines the Value of Money?
Chapter 4. The Quantity Theory of Money and the Great Inflation
Chapter 5. Money at the Extremes: Hyperinflation and Deflation
Chapter 6. It''s (Almost) All about Expectations

Part II. The Dance of the Dollar

Chapter 7. The Great Depression and the AS-AD Model
Chapter 8. One Derivative beyond Hume
Chapter 9. Rational Expectations and Efficient Markets

Part III. Never Reason from a Price Change

Chapter 10. The Musical-Chairs Model
Chapter 11. What Is Monetary Policy?
Chapter 12. Nominal and Real Exchange Rates

Part IV. How to Think about Macroeconomics

Chapter 13. The Path to Market Monetarism
Chapter 14. I See Dead Patterns
Chapter 15. Good Economists Don''t Forecast, They Infer Market Forecasts
Chapter 16. The Secret History of Monetary Policy

Part V. The Great Recession

Chapter 17. Fed Policy in 2008: A Case of Self-Induced Paralysis?
Chapter 18. A Confession of Contractionary Effect
Chapter 19. Schadenfreude on the Titanic
Chapter 20. Alternative Explanations of the Great Recession

Part VI. What Does It All Mean?

Chapter 21. Policy Implications of Market Monetarism
Chapter 22. Why Should You Believe in Market Monetarism?

Acknowledgments
Notes
Bibliography
Index

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