市場マネタリズム、大不況と金融政策の未来 The Money Illusion : Market Monetarism, the Great Recession, and the Future of Monetary Policy

市場マネタリズム、大不況と金融政策の未来<br>The Money Illusion : Market Monetarism, the Great Recession, and the Future of Monetary Policy

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市場マネタリズム、大不況と金融政策の未来
The Money Illusion : Market Monetarism, the Great Recession, and the Future of Monetary Policy

Sumner, Scott

ウェブストア価格 ¥7,811（本体¥7,101）
University of Chicago Press（2021/09発売）
外貨定価 US$ 38.00
ポイント 71pt

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製本 Hardcover:ハードカバー版／ページ数 392 p.
言語 ENG
商品コード 9780226773681
DDC分類 332.4973

Full Description

The first book-length work on market monetarism, written by its leading scholar.

Is it possible that the consensus around what caused the 2008 Great Recession is almost entirely wrong? It's happened before. Just as Milton Friedman and Anna Schwartz led the economics community in the 1960s to reevaluate its view of what caused the Great Depression, the same may be happening now to our understanding of the first economic crisis of the 21st century.

Forgoing the usual relitigating of problems such as housing markets and banking crises, renowned monetary economist Scott Sumner argues that the Great Recession came down to one thing: nominal GDP, the sum of all nominal spending in the economy, which the Federal Reserve erred in allowing to plummet. The Money Illusion is an end-to-end case for this school of thought, known as market monetarism, written by its leading voice in economics. Based almost entirely on standard macroeconomic concepts, this highly accessible text lays the groundwork for a simple yet fundamentally radical understanding of how monetary policy can work best: providing a stable environment for a market economy to flourish.

Preface
Introduction: The Real Problem Was Nominal

Part I. The Value of Money

Chapter 1. Cognitive Illusions in Economics
Chapter 2. The Value of Money and Money Illusion
Chapter 3. What Determines the Value of Money?
Chapter 4. The Quantity Theory of Money and the Great Inflation
Chapter 5. Money at the Extremes: Hyperinflation and Deflation
Chapter 6. It's (Almost) All about Expectations

Part II. The Dance of the Dollar

Chapter 7. The Great Depression and the AS-AD Model
Chapter 8. One Derivative beyond Hume
Chapter 9. Rational Expectations and Efficient Markets

Part III. Never Reason from a Price Change

Chapter 10. The Musical-Chairs Model
Chapter 11. What Is Monetary Policy?
Chapter 12. Nominal and Real Exchange Rates

Part IV. How to Think about Macroeconomics

Chapter 13. The Path to Market Monetarism
Chapter 14. I See Dead Patterns
Chapter 15. Good Economists Don't Forecast, They Infer Market Forecasts
Chapter 16. The Secret History of Monetary Policy

Part V. The Great Recession

Chapter 17. Fed Policy in 2008: A Case of Self-Induced Paralysis?
Chapter 18. A Confession of Contractionary Effect
Chapter 19. Schadenfreude on the Titanic
Chapter 20. Alternative Explanations of the Great Recession

Part VI. What Does It All Mean?

Chapter 21. Policy Implications of Market Monetarism
Chapter 22. Why Should You Believe in Market Monetarism?

Acknowledgments
Notes
Bibliography
Index