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Scott Sumner (2016)

Scott B. Sumner is an economist who teaches at Bentley University in Waltham, Massachusetts. His economics blog, The Money Illusion, popularized the idea of nominal GDP targeting, which says that the Fed should target nominal GDP—i.e., real GDP growth plus the rate of inflation—to better "induce the correct level of business investment". In May 2012, Chicago Fed President Charles L. Evans became the first sitting member of the Federal Open Market Committee to endorse the idea. After Ben Bernanke's announcement on September 13, 2012, of a new round of quantitative easing, which open-endedly committed the FOMC to purchase $40 billion agency mortgage-backed securities per month until the "labor market improves substantially", some media outlets began hailing him as the "blogger who saved the economy", for popularizing the concept of nominal income targeting.

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About the Scott Sumner Interview

I am the director of the Mercatus Center’s monetary policy program and a professor at Bentley University. I write about monetary policy, the gold standard, the Fed, and nominal GDP targeting—one of the reasons The Atlantic wrote that I was "The Blogger Who Saved the Economy.” My life’s work is captured in the new book published by the Independent Institute "The Midas Paradox: Financial Markets, Government Policy, and the Great Depression," which Tyler Cowen called “one of the best on the economics of the Great Depression ever written.” In short, I explain why the current narrative of the Great Depression of the 1930s is wrong, why there are startling similarities to the crisis of the 2000s, and why we are doomed to repeat previous mistakes if we fail to understand the role of central banks and other non-monetary causes.

I blog at The Money Illusion and EconLog.

I’m here to answer any questions on economic crises, my NGDP targeting work, the Fed, gold standard, and other economic questions you may have.

Imgur proof: http://imgur.com/2H5H01V

Edit: Thanks for all the questions. I'll try to stop back a bit later to pick up questions I missed. So check back later if your question wasn't answered, or add it to the comment section of TheMoneyIllusion.

This link has info about my Depression book:


Scott Sumner Feb 23, 2016