What caused the Great Recession: A discussion of ‘The Money Illusion’ | LIVE STREAM

In his new book, “The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy” (University of Chicago Press, 2021), Scott Sumner of the Mercatus Center explains that data such as interest and inflation rates can be easily misconstrued when used to guide monetary policy.

Data misinterpretations can explain why many central banks make mistakes. For example, Dr. Sumner rejects the view that stimulative monetary policy caused the housing bubble and Great Recession, attributing it instead to overly tight monetary policy. His ideas have spawned a promising new school of thought — “market monetarism” — an economic construct that melds key ideas from monetarism, rational expectations, “new Keynesian” thinking, and efficient-market theory.

Please join AEI as Dr. Sumner and a panel of experts discuss his new book.

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