Scott Sumner

  • Professor, Economics
  • Ph.D. University of Chicago

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.

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"

Professional Memberships

  • American Economic Association Present
  • Awards and Honors

  • 2012, "Top 100 Global Thinker", Foreign Policy
  • Publications

    Journal Articles


  • Sumner, S. B. (2015). What Would Milton Friedman Have Thought of the Great Recession?. American Journal of Economics and Sociology, (74) 2 209-235.
  • Sumner, S. B. (2015). Nominal GDP Futures Targeting. Journal of Financial Stability/Elsevier, (Volume 17) 65-75.
  • 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. (2014). Nominal GDP Targeting: A Simple Rule to Improve Fed Performance. The Cato Journal, (34) 2 315-38.
  • 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). Comment on Brad DeLong: Can We Generate Controlled Reflation in a Liquidity Trap?. The Economists' Voice.
  • Sumner, S. B. (2009). Letter: Comment on Dolan and Recent Fed Policy. The Economists' Voice, (6) 1 Article 1 (online).
  • 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., Jackson, A. L. (2006). Velocity Futures Markets: Does the Fed Need A Structural Model?. Economic Inquiry, (44) 4 716-728.
  • 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.
  • Jackson, A. L., Sumner, S. B. (). Using Prediction Markets to Guide Global Warming Policy. Journal of Policy Modeling. (Link)

    Book Chapters


  • Sumner, S. B. (2015). What Would Milton Friedman Have Thought of Market Monetarism? In Robert Cord and Dan Hammond, (Eds.) Milton Friedman: Contributions to Economics and Public Policy. Oxford: Oxford University Press Forthcoming.
  • 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 Forthcoming.
  • Sumner, S. B. (2012). “How to Reform Monetary Policy.” In Yuval Levin, (Eds.) In A Time for Governing. pp. 211-28. New York: Encounter Books, New York
  • 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. 129-64. Oakland, CA: The Independent Institute
  • Sumner, S. B. (2004). Exchange Rate Crises and U.S. Financial Markets During the 1930s In Catterall, Ross E, Aldcroft, Derek H, (Eds.) . 71-102. Aldershot, England: Ashgate

  • Book Reviews


  • Sumner, S. B. (2013). [Review of the book The Neoliberal Revolution ]. Reason magazine. Los Angeles:
  • 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. Winter

  • Conference Proceedings


  • Sumner, S. B. (2011). Monetary policy and the Great Recession: What would Milton Friedman have recommened? Witherspoon Institute, (The Economic Challenge)

  • Other(s)


  • Sumner, S. B. (2014). The Crash of 2008: The Real Problem Was NominalPerspectives Special Edition/Pictet Bank. Forthcoming.
  • Sumner, S. B. (2014). The Midas Curse: Gold, Wages, and the Great DepressionThe Independent Institute. Forthcoming.
  • Sumner, S. B. (2013). Why the Fiscal Multiplier is Roughly ZeroMercatus on Policy/Mercatus center. PP. 1-4. (Link)
  • Sumner, S. B. (2012). The Case for Nominal GDP TargetingThe Mercatus Institute.
  • Sumner, S. B. (2011). The case for NGDP TargetingThe Adam Smith Institute. 20. (Link)
  • Sumner, S. B. (2010). Economics: By InvitationEconomist.com. (Link)
  • Sumner, S. B. (2010). Money RulesNational Review Online. Dec. 14, 2010 (Link)
  • Presentations

  • Sumner, S. B. (2015). “Market Monetarism and NGDP Targeting” Presented at the Adam Smith Institute Adam Smith Lecture London, England
  • Sumner, S. B. (2014). “The Role of Monetary Policy in the Great Recession” Presented at theMont Pelerin Society Meetings Hong Kong
  • Sumner, S. B. (2013). “Could NGDP Targeting Have Prevented the Great Recession?” Presented at the Institute for Economic Affairs International Monetary Research Conference London, UK
  • Sumner, S. B. (2013). Presented at the Cato Institute Was the Fed a Good Idea? Washington, DC
  • Sumner, S. B. (2013). “A Market-Driven Nominal GDP Targeting Regime” Presented at the Mercatus Center Instead of the Fed Arlington, VA
  • Sumner, S. B. (2013). “The Real Problem Was Nominal” Presented at the Economic Society of Australia 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 WEA annual meetings Seattle, Washington
  • Sumner, S. B. (2013). “Nominal GDP Futures Targeting” Presented at the Bocconi University Finlawmetrics Conference Milan, Italy
  • Sumner, S. B. (2013). “The Real Problem Was Nominal” Presented at the Sheboygan Economics Club Sheboygan Economics Club meeting Sheboygan, WI
  • Sumner, S. B. (2013). “The Role of Gold in the Great Depression” Presented at the Princeton University Conference on The Great Depression Princeton, NJ
  • Sumner, S. B. (2013). “Discussion of Market Monetarism” Presented at the Council of Foreign Relations Council of Foreign Relations New York City
  • 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 American Economic Association meetings Chicago
  • Sumner, S. B. (2012). “The Real Problem was Nominal: Monetary Policy and the Crash of 2008”
  • Sumner, S. B. (2012). “The Great Danes: Cultural Values and Neoliberal Reforms” Presented at the ICSS International Conference on Social Science Shanghai, China
  • Sumner, S. B. (2012). “Monetary Policy ” Presented at the MacArthur Foundation 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). “Tight Money, Easy Credit, and a Weak Dollar.” Presented at the The Asset Asian Bond Market Forum Singapore
  • Sumner, S. B. (2011). “Monetary policy and the Great Recession: What would Milton Friedman have recommened?” Presented at the Witherspoon Institute 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 Atlantic Economic Society meetings Washington, DC
  • Sumner, S. B. (2011). “Monetary Policy and the Crash of 2008” Presented at the AEA American Economic Association meetings Denver
  • Sumner, S. B. (2010). “Could NGDP targeting have prevented the crash of 2008?” Presented at the SEA Southern Economic Association meetings Atlanta
  • Sumner, S. B. (2009). “The Economic Crisis of 2008” Presented at theSouthern 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 Public Choice Lecture Fairfax VA
  • Sumner, S. B. (2009). “The Great Danes: Cultural Values and Neoliberal Reforms” Presented at the George Mason University 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