Faculty Profile1 - Scott B. Sumner

Professor, Economics
Ph.D., University of Chicago, 1985
Office: Adamian Academic Center 181 | 781.891._2945 | ssumner@bentley.edu
Department Phone: 781.891._2423

Bio

Areas of interest are macroeconomics, monetary theory and policy, and history of economic thought. Published articles in the Journal of Political Economy, the Journal of Money, Credit and Banking, and the Bulletin of Economic Research. Also run a blog entitled "Themoneyillusion.com"

Teaching Interests

Principles of micro and macro, monetary economics

Research Interests

Monetary History; Monetary Theory; History of Economic Thought

Consulting/Practice Interests

I have recently been blogging extensively; mostly on monetary policy and the current crisis. This had led to many speaking engagemeents and invitations to write policy-oriented papers.

Awards and Honors

2012, "Top 100 Global Thinker", Foreign Policy

Publications

Journal Articles
Jackson, A. L., Sumner, S. B. Using Prediction Markets to Guide Global Warming Policy. Journal of Policy Modeling. (link)

Sumner, S. B. (2014). The Case for Nominal GDP Targeting. The Cato Journal, 34 (4). Forthcoming

Sumner, S. B. (2014). A Market-Driven Nominal GDP Targeting Regime. Journal of Financial Stability/Elsevier, Volume 11. Forthcoming

Sumner, S. B. (2014). How Nominal GDP Targeting Could have Prevented the Great Recession. China Policy Review (Formerly China Economic Report). Forthcoming

Sumner, S. B. (2012). “Comment on Leamer: Do Nominal Shocks Stll Matter?”  The Economists' Voice, 9 (7), (online). (link)

Sumner, S. B. (2011). Re-Targeting the Fed. National Affairs, 9 (Fall 2011), about 15. (link)

Sumner, S. B. (2009). Letter: Comment on Dolan and Recent Fed Policy. The Economists' Voice, 6 (1), Article 1 (online).

Sumner, S. B. (2009). Comment on Brad DeLong: Can We Generate Controlled Reflation in a Liquidity Trap? The Economists' Voice.

Sumner, S. B., Jackson, A. L. (2006). Velocity Futures Markets: Does the Fed Need A Structural Model? Economic Inquiry, 44 (4), 716-728.

Sumner, S. B. (2006). Let a Thousand Models Bloom: The Advantages of Making the FOMC a Truly 'Open Market'. Contributions to Macroeconomics, 6 (1).

Sumner, S. B. (2005). Colonial Currency and the Quantity Theory of Money: A Critique of Smith's Interpretation. Edward Elgar, 416-22.

Sumner, S. B. (2003). Does Monetary Policy Become More Desirable as it Becomes Less Effective? Economic Letters.

Sumner, S. B. (2002). Some Observations on the Return of the Liquidity Trap. Cato Journal, 2002 (Winter), pp. 481-90.

Sumner, S. B., Gulley, O. D. (1998). Money Demand and Nominal Debt: An Equilibrium Model of the Liquidity Effect. Journal of Macroeconomics, 20, 267-293.

Sumner, S. B., Grubaugh, S. G. (1989). Commodity Prices, Money Surprises, and Fed Credibility. Journal of Money, Credit and Banking, 21 (3), 407-408.

Book Reviews
Sumner, S. B. (2013). [Review of the book The Neoliberal Revolution]. Reason magazine.

Sumner, S. B. (2012). [Review of the book Money's Masterminds]. The American Conservative. (link)

Sumner, S. B. (2007). [Review of the book The Missionary: McCloskey's Apologia for Bourgeois Virtues and the Market]. Business and Society Review.

Book Chapters
Sumner, S. B, Woolsey, W. (2014). Nominal GDP Futures Contract Targeting. In Anastasios G. Malliaris and William T. Ziemba (Eds.), The WSPC Handbook of Futures Markets. Singapore: World Scientific Publishing

Sumner, S. B. (2012). How Nominal GDP Targeting Could Have Prevented the Crash of 2008. In David Beckworth (Eds.), Boom and Bust Banking: The Causes and Cures of the Great Recession (pp. PP. 129-64). Oakland, CA: The Independent Institute

Sumner, S. B. (2012). “How to Reform Monetary Policy.” . In Yuval Levin (Eds.), In A Time for Governing (pp. pp. 211-28). New York: Encounter Books, New York

Sumner, S. B. (2004). Exchange Rate Crises and U.S. Financial Markets During the 1930s. In Catterall, Ross E, Aldcroft, Derek H (Eds.),  (pp. 71-102). Aldershot, England: Ashgate

Other(s)
Sumner, S. B. (2014). The Crash of 2008: The Real Problem Was Nominal. Perspectives Special Edition/Pictet Bank

Sumner, S. B. (2014). The Midas Curse: Gold, Wages, and the Great Depression. The Independent Institute

Sumner, S. B. (2013). Why the Fiscal Multiplier is Roughly Zero. Mercatus on Policy/Mercatus center, PP. 1-4. (link)

Sumner, S. B. (2012). The Case for Nominal GDP Targeting. The Mercatus Institute

Sumner, S. B. (2011). The case for NGDP Targeting. The Adam Smith Institute, 20. (link)

Sumner, S. B. (2010). Money Rules. National Review Online(Dec. 14, 2010) (link)

Sumner, S. B. (2010). Economics: By Invitation. Economist.com (link)

Conference Proceedings and Presentations

Sumner, S. B. (2013). "Could NGDP Targeting Have Prevented the Great Recession?" Presented at the Institute for Economic Affairs's International Monetary Research Conference, London, UK.

Sumner, S. B. (2013). Presented at the Cato Institute's Was the Fed a Good Idea? , Washington, DC.

Sumner, S. B. (2013). "A Market-Driven Nominal GDP Targeting Regime." Presented at the Mercatus Center's Instead of the Fed, Arlington, VA.

Sumner, S. B. (2013). "The Real Problem Was Nominal." Presented at the Economic Society of Australia's Economic Society meeting, Reserve Bank of Australia, Sydney.

Sumner, S. B. (2013). "A Market-Driven Nominal GDP Targeting Regime." Presented at the Western Economic Association's WEA annual meetings, Seattle, Washington.

Sumner, S. B. (2013). "Nominal GDP Futures Targeting." Presented at the Bocconi University's Finlawmetrics Conference, Milan, Italy.

Sumner, S. B. (2013). "The Real Problem Was Nominal." Presented at the Sheboygan Economics Club's Sheboygan Economics Club meeting, Sheboygan, WI.

Sumner, S. B. (2013). "The Role of Gold in the Great Depression." Presented at the Princeton University's Conference on The Great Depression, Princeton, NJ.

Sumner, S. B. (2013). "Discussion of Market Monetarism." Presented at the Council of Foreign Relations's Council of Foreign Relations, New York City.

Sumner, S. B. (2012). "Tight Money, Easy Credit, and a Weak Dollar." Presented at the The Asset's Asian Bond Market Forum, Singapore.

Sumner, S. B. (2012). "The Great Danes: Cultural Values and Neoliberal Reforms." Presented at the ICSS's International Conference on Social Science, Shanghai, China.

Sumner, S. B. (2012). "The Real Problem was Nominal: Monetary Policy and the Crash of 2008."

Sumner, S. B. (2012). "Monetary Policy." Presented at the MacArthur Foundation's Economics Bloggers Conference, Kansas City, MO.

Sumner, S. B. (2012). "The Real Problem was Nominal: Monetary Policy and the Crash of 2008."

Sumner, S. B. (2012). "The Real Problem was Nominal: Monetary Policy and the Crash of 2008."

Sumner, S. B. (2012). "Explaining High Frequency Output Fluctuations During the Great Depression." Presented at the AEA's American Economic Association meetings, Chicago.

Sumner, S. B. (2011). Monetary policy and the Great Recession: What would Milton Friedman have recommened?. Presented at the Witherspoon Institute's The Economic Challenge, Princeton, NJ.

Sumner, S. B. (2011). "The real problem was nominal; how tight money caused the crash of 2011." Presented at the AES's Atlantic Economic Society meetings, Washington, DC.

Sumner, S. B. (2011). "Monetary Policy and the Crash of 2008." Presented at the AEA's American Economic Association meetings, Denver.

Sumner, S. B. (2010). "Could NGDP targeting have prevented the crash of 2008?" Presented at the SEA's Southern Economic Association meetings, Atlanta.

Sumner, S. B. (2009). "The Economic Crisis of 2008." Presented at the Southern Economic Association meetings, San Antonio, Texas.

Sumner, S. B. (2009). "The Real Problem is Nominal: The Crash of 2008-09." Presented at the George Mason University's Public Choice Lecture, Fairfax VA.

Sumner, S. B. (2009). "The Great Danes: Cultural Values and Neoliberal Reforms." Presented at the George Mason University's Public policy seminar, Fairfax VA.

Service

Department Service
Committee Member for Graduate committee, 2006 - Present
Committee Member for Department Hiring Committee, 2012 - 2013
Committee Member for Hiring committee, 2011 - 2011

University Service
Committee Member for PhD Committee, 2004 - 2010
Committee Member for P&T, 2007 - 2009

Public Service
Created and wrote a blog on public policy issues for TheMoneyIllusion.com blog, 2011
Guest Speaker for Louise Blouin Foundation, 2013 - 2013
Guest Speaker for Centre for Economic Studies, 2013 - 2013
Guest Speaker for American Enterprise Institute, 2013 - 2013
Guest Speaker for Fidelity Investments, 2013 - 2013
Guest Speaker for Boston Security Analysts Society, 2013 - 2013
Guest Speaker for Citibank, Boston - 2012
Guest Speaker for Congressional staffers, 2012 - 2012