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Scott Sumner
Scott B. Sumner is Research Fellow at the Independent Institute, the Director of the Program on Monetary Policy at the Mercatus Center at George Mason University and 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 (FOMC) 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.
==Academic career==
Sumner received a PhD in economics from the University of Chicago in 1985. His published research focuses on prediction markets and monetary policy.〔 (【引用サイトリンク】 Scott B. Sumner )〕 In the wake of the 2008 financial crisis, Sumner began authoring a blog where he vocally criticized the view that the United States economy was stuck in a liquidity trap.〔 〕 Sumner advocates that central banks such as the Federal Reserve create a futures market for the level of nominal gross domestic product (NGDP, also known as nominal income), and adjust monetary policy to achieve a nominal income target on the basis of information from the market. Monetary authorities generally choose to target other metrics, such as inflation, unemployment, the money supply or hybrids of these, and rely on information from the financial markets, indices of unemployment or inflation, etc. to make monetary policy. A school of economics known as market monetarism has coalesced around Sumner's views; ''The Daily Telegraph'' international business editor Ambrose Evans-Pritchard has referred to Sumner as the "eminence grise" of market monetarism.〔 〕 In 2012, the ''Chronicle of Higher Education'' referred to Sumner as "among the most influential" economist bloggers, along with Greg Mankiw of Harvard University and Paul Krugman of Princeton.〔 〕 In 2012, ''Foreign Policy'' ranked Sumner jointly with Federal Reserve chair Ben Bernanke 15th on its list of 100 top global thinkers.〔 〕 In December 31, 2013, it was announced that Sumner would be joining EconLog as a guest blogger starting January 2014.
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