Scott Sumner

{{Infobox economist

| school_tradition = Market monetarism

| color =

| image = Scott Sumner.png

| caption = Sumner in a 2016 video by the Mercatus Center

| name = Scott Sumner

| birth_date = {{Birth year and age|1955}}

| birth_place =

| death_date =

| death_place =

| field = Monetary economics

| alma_mater =University of Wisconsin (B.A.)
University of Chicago (Ph.D.)

| influences = Milton Friedman

| influenced =

| contributions =

| institutions = {{ubl|Bentley University|Mercatus Center|Independent Institute}}

| repec_prefix = f | repec_id = psu244

}}

Scott B. Sumner (born 1955) is an American economist. He was previously the Director of the Program on Monetary Policy at the Mercatus Center at George Mason University, a Research Fellow at the Independent Institute, and a professor at Bentley University in Waltham, Massachusetts. His economics blog, The Money Illusion,{{Cite web|url=https://www.themoneyillusion.com/its-all-demand-side/|title=It's all demand side}} popularized the idea of nominal GDP targeting, which says that the Federal Reserve and other central banks should target nominal GDP, real GDP growth plus the rate of inflation, to better "induce the correct level of business investment".{{cite news|last=Greeley|first=Brendan|title=The Blog That Got Bernanke to Go Big|url=http://www.businessweek.com/articles/2012-11-01/the-blog-that-got-bernanke-to-go-big|archive-url=https://web.archive.org/web/20121105020623/http://www.businessweek.com/articles/2012-11-01/the-blog-that-got-bernanke-to-go-big|url-status=dead|archive-date=November 5, 2012|newspaper=Bloomberg Businessweek|date=November 1, 2012}}

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.{{cite news|last=O'Brien|first=Matthew|title=A Rebellion at the Federal Reserve?|url=https://www.theatlantic.com/business/archive/2012/05/a-rebellion-at-the-federal-reserve/256601/|work=The Atlantic|date=May 2, 2012}}

After Ben Bernanke's announcement of a new round of quantitative easing on September 13, 2012, 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.{{cite news|last=Thompson|first=Derek|title=The Blogger Who Saved the Economy|url=https://www.theatlantic.com/business/archive/2012/09/the-blogger-who-saved-the-economy/262394/|newspaper=The Atlantic|date=September 14, 2012}}

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.{{cite web | url = https://faculty.bentley.edu/details.asp?uname=ssumner | title = Scott B. Sumner | accessdate = January 18, 2011 | publisher = Bentley University}}

During the 2007–2008 financial crisis, Sumner began authoring a blog where he vocally criticized the view that the United States economy was stuck in a liquidity trap.{{cite web | url = https://krugman.blogs.nytimes.com/2009/03/02/a-quick-response-to-scott-sumner/ | title = A Quick Response to Scott Sumner | accessdate = January 18, 2011 | last = Krugman | first = Paul | date = March 2, 2009 | work = New York Times}} 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.{{cite news | first = Scott | last = Sumner | title = Money Rules | date = December 14, 2010| url = http://www.nationalreview.com/articles/255093/money-rules-scott-sumner | work = The National Review | accessdate = January 18, 2011 |archive-url=https://web.archive.org/web/20120308150142/http://www.nationalreview.com/articles/255093/money-rules-scott-sumner |archive-date=8 March 2012}}

In 2015, Sumner published The Midas Paradox: A New Look at the Great Depression and Economic Instability. The book argued that the Depression was greatly extended by repeated gold market shocks and New Deal wage policies.

Market monetarism

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.{{cite news | first = Ambrose | last = Evans-Pritchard | title = Should the Fed save Europe from disaster? | date = November 27, 2011| url = https://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/8918784/Should-the-Fed-save-Europe-from-disaster.html | work = The Telegraph | accessdate = December 1, 2011}} 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.{{cite news | first = Dan | last = Berrett | title = 'Dim Sum for the Mind': Economics Blogs Engage Policy Wonks and Students | date = January 8, 2012| work = Chronicle of Higher Education}} In 2012, Foreign Policy ranked Sumner jointly with Federal Reserve chair Ben Bernanke 15th on its list of 100 top global thinkers.{{cite news|title= The FP Top 100 Global Thinkers|last=Wittmeyer|first=Alicia P. Q.|date=November 26, 2012|url=https://foreignpolicy.com/2012/11/26/the-fp-top-100-global-thinkers-2/|work=Foreign Policy|publisher=The Slate Group|accessdate=November 26, 2012}}

Nominal GDP targeting

Sumner contends that inflation is "measured inaccurately and does not discriminate between demand versus supply shocks" and that "Inflation often changes with a lag...but nominal GDP growth falls very, very quickly, so it'll give you a more timely signal stimulus is needed".{{cite news | first = Scott | last = Hamilton | title = Bank of England Should Replace Inflation Targeting, Sumner Says | date = April 10, 2011 | url = https://www.bloomberg.com/news/2011-04-10/bank-of-england-should-replace-inflation-targeting-sumner-says.html | work = Bloomberg | accessdate = April 13, 2011}} He argued that monetary policy can offset austerity policies such as those pursued by the British government during the Great Recession.

In April 2011, the Reserve Bank of New Zealand responded to Sumner's critique of inflation targeting, arguing that a nominal GDP target would be too technically complicated, and make monetary policy difficult to communicate.{{cite news | title = Reserve Bank rejects report on system flaws | date = April 13, 2011|url=http://www.stuff.co.nz/business/money/4883125/Reserve-Bank-rejects-report-on-system-flaws | work = NZPA | accessdate = April 15, 2011}} By November 2011, however, economists from Goldman Sachs were advocating that the Federal Reserve adopt a nominal income target. Nathan Sheets, a former top official at the Federal Reserve and the head of international economics at Citigroup, proposed that the Federal Reserve adopt a nominal consumption target instead.{{cite web | url = http://www.themoneyillusion.com/?p=12149 | title = Monetary regimes in your review mirror may be closer than they appear. | accessdate = December 1, 2011 | last = Sumner | first = Scott}}

Sumner has argued that one cannot account for the impact of fiscal policy without first considering how monetary policy may affect the outcome; fiscal stimulus may not succeed if monetary policy is tightened in response. Economic journalists have referred to this as the Sumner Critique, akin to the Lucas critique.{{cite news | first = Matthew | last = Yglesias | title = Don't Believe The "Taxmageddon" Hype | date = May 18, 2012| url = http://www.slate.com/blogs/moneybox/2012/05/18/don_t_believe_the_quot_taxmageddon_quot_hype.html | work = Slate | accessdate = May 29, 2012}} Summarizing this thinking, The Economist suggested that a growth rate of 5.3% would result in concerns over (future) inflation and tightening of monetary policy, largely because 5.3% is beyond both projections and goals of the Federal Reserve.{{cite news |date=23 May 2012 |title=Fiscal cliffs, multipliers, and the myth of central bank independence |newspaper=The Economist |url=https://www.economist.com/blogs/freeexchange/2012/05/americas-economy-0 |accessdate=2012-05-29}}

Other views

Sumner has been described as a libertarian or classical liberal.{{cite news|url = https://www.vox.com/2015/10/8/9472807/ben-bernanke-ngdp-targeting|title = The most important paragraph in Ben Bernanke's new book|last = Yglesias|first = Matt|date = October 8, 2015|accessdate = April 25, 2022|work = Vox}}{{cite magazine|url = https://newrepublic.com/article/84266/should-liberals-be-more-grateful-grover-norquist|title = Should Liberals Be More Grateful To Grover Norquist?|magazine = The New Republic|date = February 28, 2011|accessdate = April 25, 2022|last = Chait|first = Jonathan}}{{cite news|url = https://www.forbes.com/sites/timworstall/2016/02/26/robert-shillers-answer-to-scott-sumner-bubbles-exist-because-markets-arent-necessarily-complete/|title = Robert Shiller's Answer To Scott Sumner: Bubbles Exist Because Markets Aren't Necessarily Complete|work = Forbes|date = February 26, 2016|accessdate = April 25, 2022|last = Worstall|first = Tim}} Sumner has criticized populists like Jair Bolsonaro, Donald Trump, and Hungarian prime minister Viktor Orban, referring to them as the "new axis of evil".{{Cite web |title=Macho men and scaredy-cats |url=https://www.themoneyillusion.com/macho-men-and-scaredy-cats/ |access-date=2024-04-27 |website=TheMoneyIllusion |language=en}}{{Cite web |title=The new axis of evil |url=https://www.themoneyillusion.com/the-new-axis-of-evil/ |access-date=2024-04-27 |website=TheMoneyIllusion |language=en}}

Sumner is a vocal critic of Donald Trump, calling him "Putin's puppy",{{Cite web |title=cHiNa iS tHe reAL thReAt |url=https://www.themoneyillusion.com/china-is-the-real-threat/ |access-date=February 25, 2022 |website=TheMoneyIllusion |language=en}} and opining that he has a "contempt for democracy".{{Cite web|title=Trump loves Putin|url=https://www.themoneyillusion.com/trump-loves-putin/|access-date=February 25, 2022|website=TheMoneyIllusion|language=en}} Sumner described Trump as having a "longstanding infatuation" with Putin, citing a comment Trump made in which he called Putin "a leader far more than our president", referring to Barack Obama.{{Cite news|date=September 8, 2016|title=Trump says Putin 'a leader far more than our president'|language=en-GB|work=BBC News|url=https://www.bbc.com/news/election-us-2016-37303057|access-date=February 25, 2022}}

Personal life

Well known in Bentley's economics department as a "technophobe," Sumner, who purchased his first cell phone in 2011, apparently "triggered expressions of surprise and amusement when he informed his colleagues that he was starting a blog."

Bibliography

=Books=

{{cite book |first=Scott B. |last=Sumner |url=https://www.themoneyillusion.com/wp-content/uploads/2023/03/Sumner_AlternateApproachesMonetaryPolicy_v1a.pdf |title=Alternative Approaches to Monetary Policy |year=2023}}
{{cite book |first=Scott B. |last=Sumner |title=The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy |year=2021 |place=Chicago |publisher=University of Chicago Press |isbn=978-0226773681}}
{{cite book|first=Scott B. |last=Sumner|title=The Midas Paradox: A New Look at the Great Depression and Economic Instability|url={{google books |plainurl=y |id=kh5sngEACAAJ}}|year=2015|publisher=Independent Institute|isbn=978-1-59813-150-5}}
{{cite book|first=Scott B.|last=Sumner|title=Milton Friedman: Contributions to Economics and Public Policy|chapter=What Would Milton Friedman Have Thought of Market Monetarism?|editor1-last=Cord|editor1-first=Robert A.|editor2-last=Hammond|editor2-first=J. Daniel|isbn=9780198704324|year=2015|publisher=Oxford University Press|pages=246–264}}
{{cite book|first=Scott B.|last=Sumner|title=Boom and Bust Banking: The Causes and Cures of the Great Recession|chapter=5. How Nominal GDP Targeting Could Have Prevented the Crash of 2008|editor1-last=Beckworth|editor1-first=David|isbn=978-1-59813-076-8|year=2012|publisher=Independent Institute|pages=129–165}}

=Articles=

==''[[The Hill (newspaper)|The Hill]]''==

{{cite news|first1=Scott|last1=Sumner|title=The politics of carbon taxes versus clean energy subsidies|date=November 25, 2021|work=The Hill|publisher=Capitol Hill Publishing Corporation|url=https://thehill.com/opinion/energy-environment/583125-the-politics-of-carbon-taxes-versus-clean-energy-subsidies|access-date=March 1, 2022}}
{{cite news|first1=Scott|last1=Sumner|title=An economist's perspective on 'gain-of-function' virus research|date=July 8, 2021|work=The Hill|publisher=Capitol Hill Publishing Corporation|url=https://thehill.com/opinion/healthcare/562003-an-economists-perspective-on-gain-of-function-virus-research?rnd=1625729313|access-date=November 2, 2021}}
{{cite news|first1=Scott|last1=Sumner|title=Should we worry about inflation? Not yet|date=April 29, 2021|work=The Hill|publisher=Capitol Hill Publishing Corporation|url=https://thehill.com/opinion/finance/550778-should-we-worry-about-inflation-not-yet|access-date=June 3, 2021}}
{{cite news|first1=Scott|last1=Sumner|title=Beware the new price bubbles? Not so fast|date=February 17, 2021|work=The Hill|publisher=Capitol Hill Publishing Corporation|url=https://thehill.com/opinion/finance/539206-beware-the-new-price-bubbles-not-so-fast|access-date=April 18, 2021}}
{{cite news|first1=Scott|last1=Sumner|title=Lessons from the pandemic: Don't let the perfect be the enemy of the good|date=January 6, 2021|work=The Hill|publisher=Capitol Hill Publishing Corporation|url=https://thehill.com/opinion/healthcare/532890-lessons-from-the-pandemic-dont-let-the-perfect-be-the-enemy-of-the-good|access-date=April 18, 2021}}
{{cite news|first1=Scott|last1=Sumner|title=New Fed approach takes inflation targeting more seriously|date=September 17, 2020|work=The Hill|publisher=Capitol Hill Publishing Corporation|url=https://thehill.com/opinion/finance/516915-new-fed-approach-takes-inflation-targeting-more-seriously?rnd=1600365727|access-date=April 18, 2021}}
{{cite news|first1=Scott|last1=Sumner|title=Can the Fed reduce racial inequality?|date=August 12, 2020|work=The Hill|publisher=Capitol Hill Publishing Corporation|url=https://thehill.com/opinion/finance/511687-can-the-fed-reduce-racial-inequality|access-date=April 18, 2021}}
{{cite news|first1=Scott|last1=Sumner|title=Trump's policies are increasing, not decreasing, the trade deficit|date=January 15, 2020|work=The Hill|publisher=Capitol Hill Publishing Corporation|url=https://thehill.com/opinion/international/478226-trumps-policies-are-increasing-not-decreasing-the-trade-deficit|access-date=April 18, 2021}}
{{cite news|first1=Scott|last1=Sumner|title=Crafting monetary policy for the 21st century economy|date=June 21, 2019|work=The Hill|publisher=Capitol Hill Publishing Corporation|url=https://thehill.com/opinion/international/478226-trumps-policies-are-increasing-not-decreasing-the-trade-deficit|access-date=April 18, 2021}}
{{cite news|first1=Scott|last1=Sumner|title=A better Modern Monetary Theory|date=April 10, 2019|work=The Hill|publisher=Capitol Hill Publishing Corporation|url=https://thehill.com/opinion/finance/438232-a-better-modern-monetary-theory|access-date=April 18, 2021}}
{{cite news|first1=Scott|last1=Sumner|title=The Fed steers the ship, but we deserve to know where we're headed|date=February 23, 2019|work=The Hill|publisher=Capitol Hill Publishing Corporation|url=https://thehill.com/opinion/finance/431172-the-fed-is-steering-the-ship-but-we-deserve-to-know-where-were-headed|access-date=April 18, 2021}}
{{cite news|first1=Scott|last1=Sumner|title=Tax-and-spend progressives put faith in flawed policy theory|date=January 25, 2019|work=The Hill|publisher=Capitol Hill Publishing Corporation|url=https://thehill.com/opinion/finance/426862-tax-and-spend-progressives-put-faith-in-flawed-policy-theory|access-date=April 18, 2021}}
{{cite news|first1=Scott|last1=Sumner|title=In search of real — not nominal — wage gains|date=October 7, 2018|work=The Hill|publisher=Capitol Hill Publishing Corporation|url=https://thehill.com/opinion/finance/410105-in-search-of-real-not-nominal-wage-gains|access-date=April 18, 2021}}
{{cite news|first1=Scott|last1=Sumner|title=An even bigger China shock|date=August 19, 2018|work=The Hill|publisher=Capitol Hill Publishing Corporation|url=https://thehill.com/opinion/international/402577-an-even-bigger-china-shock|access-date=April 18, 2021}}
{{cite news|first1=Scott|last1=Sumner|title=The Federal Reserve must modernize its approach|date=July 2, 2018|work=The Hill|publisher=Capitol Hill Publishing Corporation|url=https://thehill.com/opinion/finance/395184-the-federal-reserve-must-modernize-its-approach|access-date=April 18, 2021}}
{{cite news|first1=Scott|last1=Sumner|title=Lessons from 'Black Monday': It's not easy to spot bubbles|date=October 20, 2017|work=The Hill|publisher=Capitol Hill Publishing Corporation|url=https://thehill.com/opinion/finance/356376-black-monday-lessons-its-not-easy-to-spot-bubbles|access-date=April 18, 2021}}
{{cite news|first1=Scott|last1=Sumner|title=Three Recommendations for Monetary Policy Compromise|date=February 14, 2017|work=The Hill|publisher=Capitol Hill Publishing Corporation|url=https://thehill.com/blogs/congress-blog/economy-budget/319325-three-recommendations-for-monetary-policy-compromise|access-date=April 18, 2021}}

==''[[U.S. News & World Report]]''==

{{cite news|first1=Scott|last1=Sumner|title=Low Inflation Nation|date=December 26, 2017|work=U.S. News & World Report|url=https://www.usnews.com/opinion/articles/2017-12-26/why-is-inflation-below-the-feds-target|access-date=April 18, 2021}}
{{cite news|first1=Scott|last1=Sumner|title=Demystify the Fed|date=July 10, 2017|work=U.S. News & World Report|url=https://www.usnews.com/opinion/economic-intelligence/articles/2017-07-10/the-federal-reserve-needs-to-learn-from-its-monetary-mistakes|access-date=April 18, 2021}}
{{cite news|first1=Scott|last1=Sumner|first2=Patrick|last2=Horan|title=Fed Up With Congress|date=May 30, 2017|work=U.S. News & World Report|url=https://www.usnews.com/opinion/economic-intelligence/articles/2017-05-30/congress-needs-to-update-the-federal-reserves-mandate|access-date=April 18, 2021}}

==[[Mercatus Center]]==

{{cite news|first1=Scott|last1=Sumner|title=The Princeton School and the Zero Lower Bound|date=October 19, 2021|url=https://www.mercatus.org/publications/monetary-policy/princeton-school-and-zero-lower-bound|publisher=Mercatus Center}}
{{cite news|last1=Horan|first1=Patrick|last2=Sumner|first2=Scott|last3=Beckworth|first3=David|last4=Russo|first4=Christopher M.|title=What's Going On at the Federal Reserve?|date=July 12, 2021|url=https://www.discoursemagazine.com/economics/2021/07/12/whats-going-on-at-the-federal-reserve/|journal=Discourse|publisher=Mercatus Center|access-date=November 2, 2021}}
{{cite news|first1=Scott|last1=Sumner|title=A Critique of Interest Rate–Oriented Monetary Economics|date=November 23, 2020|url=https://www.mercatus.org/publications/monetary-policy/critique-interest-rate–oriented-monetary-economics-0|publisher=Mercatus Center}}
{{cite news|first1=Scott|last1=Sumner|first2=Kevin|last2=Erdmann|title=Housing Policy, Monetary Policy, and the Great Recession|date=August 4, 2020|url=https://www.mercatus.org/publications/monetary-policy/housing-policy-monetary-policy-great-recession|publisher=Mercatus Center}}
{{cite news|first1=Scott|last1=Sumner|first2=Patrick|last2=Horan|title=Reforming the Fed's Toolkit and Quantitative Easing Practices: A Plan to Achieve Level Targeting|date=April 2, 2020|url=https://www.mercatus.org/publications/covid-19-policy-brief-series/reforming-feds-toolkit-and-quantitative-easing-practices|publisher=Mercatus Center}}
{{cite news|first=Scott|last=Sumner|title=Currency Manipulation, Saving Manipulation, and the Current Account Balance|date=February 18, 2020|url=https://www.mercatus.org/publications/monetary-policy/currency-manipulation-saving-manipulation-and-current-account-balance|publisher=Mercatus Center}}
{{cite news|first=Scott|last=Sumner|title=Currency Manipulation: Reframing the Debate|date=February 18, 2020|url=https://www.mercatus.org/publications/monetary-policy/currency-manipulation-reframing-debate|publisher=Mercatus Center}}
{{cite news|first=Scott|last=Sumner|title=Should the Fed Pay Interest on Bank Reserves?|date=September 12, 2019|url=https://www.mercatus.org/publications/monetary-policy/should-fed-pay-interest-bank-reserves|publisher=Mercatus Center}}
{{cite news|first=Scott|last=Sumner|title=The Relationship between Interest Rates and Monetary Policy|date=August 27, 2019|url=https://www.mercatus.org/publications/monetary-policy/relationship-between-interest-rates-and-monetary-policy|publisher=Mercatus Center}}
{{cite news|first=Scott|last=Sumner|title=How the Fed Controls Monetary Policy|date=August 13, 2019|url=https://www.mercatus.org/publications/monetary-policy/how-fed-controls-monetary-policy|publisher=Mercatus Center}}
{{cite news|first=Scott|last=Sumner|title=Understanding the Federal Reserve|publisher=Mercatus Center|date=April 25, 2019|url=https://www.mercatus.org/publications/monetary-policy/understanding-federal-reserve}}
{{cite news|first1=Scott|last1=Sumner|first2=Patrick|last2=Horan|title=How Reliable Is Modern Monetary Theory as a Guide to Policy?|publisher=Mercatus Center|date=March 11, 2019|url=https://www.mercatus.org/publications/monetary-theory/how-reliable-modern-monetary-theory-guide-policy}}
{{cite news|first=Scott|last=Sumner|title=How to Improve Fed Accountability and Transparency|publisher=Mercatus Center|date=November 15, 2018|url=https://www.mercatus.org/publications/monetary-policy/how-improve-fed-accountability-and-transparency}}
{{cite news|first=Scott|last=Sumner|title=How Prediction Markets Can Improve Monetary Policy: A Case Study|publisher=Mercatus Center|date=October 8, 2018|url=https://www.mercatus.org/publications/monetary-policy/how-prediction-markets-can-improve-monetary-policy-case-study}}
{{cite news|first=Scott|last=Sumner|title=Explaining Quantitative Easing|publisher=Mercatus Center|date=July 2, 2018|url=https://www.mercatus.org/publications/explaining-quantitative-easing}}
{{cite news|first1=Scott|last1=Sumner|first2=Ethan|last2=Roberts|title=The Promise of Nominal GDP Targeting|publisher=Mercatus Center|date=March 19, 2018|url=https://www.mercatus.org/publications/promise-nominal-gdp-targeting}}
{{cite news|first=Scott|last=Sumner|title=Why the Fiscal Multiplier is Roughly Zero|publisher=Mercatus Center|date=September 11, 2013|url=https://www.mercatus.org/publication/why-fiscal-multiplier-roughly-zero-0}}
{{cite news|first=Scott|last=Sumner|title=A Market-Driven Nominal GDP Targeting Regime|publisher=Mercatus Center|date=July 24, 2013|url=https://www.mercatus.org/publication/market-driven-nominal-gdp-targeting-regime}}
{{cite news|first=Scott|last=Sumner|title=The Case for Nominal GDP Targeting|publisher=Mercatus Center|date=October 23, 2012|url=https://www.mercatus.org/publication/case-nominal-gdp-targeting}}

==[[Cato Institute]]==

{{cite journal |first=Scott|last=Sumner|title=Nudging the Fed Toward a Rules-Based Policy Regime|journal=Cato Journal|publisher=Cato Institute|year=2016|volume=36|issue=2|pages=315–335|url=https://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2016/5/cj-v36n2-8.pdf}}
{{cite journal |first=Scott B.|last=Sumner|title=Nominal GDP Targeting: A Simple Rule to Improve Fed Performance|journal=Cato Journal|publisher=Cato Institute|year=2014|volume=34|issue=2|pages=315–337|url=https://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2014/5/cato-journal-v34n2-7.pdf}}
{{cite news|first=Scott|last=Sumner|title=Central Banks Can and Do Hit Inflation Targets|newspaper=Cato Unbound |publisher=Cato Institute|date=December 2, 2013|url=https://www.cato-unbound.org/2013/12/02/scott-sumner/central-banks-can-do-hit-inflation-targets}}
{{cite web|first=Scott|last=Sumner|title=Asset Prices, Inflation, and Interest Rates|publisher=Cato Institute|date=November 25, 2013|url=https://www.cato-unbound.org/2013/11/25/scott-sumner/asset-prices-inflation-interest-rates}}
{{cite web|first=Scott|last=Sumner|title=The Fed Was a Mistake. But Now That We Have It…|publisher=Cato Institute|date=November 22, 2013|url=https://www.cato-unbound.org/2013/11/22/scott-sumner/fed-was-mistake-now-we-have-it}}
{{cite web|first=Scott|last=Sumner|title=In Defense of a Flexible Monetary Policy|publisher=Cato Institute|date=November 8, 2013|url=https://www.cato-unbound.org/2013/11/08/scott-sumner/defense-flexible-monetary-policy}}
{{cite journal|first=Scott|last=Sumner|title=Re-Targeting the Fed|journal=National Affairs|publisher=National Affairs, Inc.|date=Fall 2011|number=37|url=https://www.nationalaffairs.com/publications/detail/re-targeting-the-fed}}
{{cite journal|first=Scott|last=Sumner|title=Final Thoughts and Thanks|journal=Cato Unbound|publisher=Cato Institute|date=October 1, 2009|url=https://www.cato-unbound.org/2009/10/01/scott-sumner/final-thoughts-thanks}}
{{cite journal|first=Scott|last=Sumner|title=We Can't Agree on Everything, George…|journal=Cato Unbound|publisher=Cato Institute|date=September 30, 2009|url=https://www.cato-unbound.org/2009/09/30/scott-sumner/we-cant-agree-everything-george}}
{{cite journal|first=Scott|last=Sumner|title=Defining the Stance of Monetary Policy Is Harder than It Looks|journal=Cato Unbound|publisher=Cato Institute|date=September 29, 2009|url=https://www.cato-unbound.org/2009/09/29/scott-sumner/defining-stance-monetary-policy-harder-it-looks}}
{{cite journal|first=Scott|last=Sumner|title=Clearing up Some Miscommunication|journal=Cato Unbound|publisher=Cato Institute|date=September 29, 2009|url=https://www.cato-unbound.org/2009/09/29/scott-sumner/clearing-some-miscommunication}}
{{cite journal|first=Scott|last=Sumner|title=Score-Keeping with Selgin|journal=Cato Unbound|publisher=Cato Institute|date=September 28, 2009|url=https://www.cato-unbound.org/2009/09/28/scott-sumner/score-keeping-selgin}}
{{cite journal|first=Scott|last=Sumner|title=From Discretion to Futures Targeting, One Step at a Time|journal=Cato Unbound|publisher=Cato Institute|date=September 25, 2009|url=https://www.cato-unbound.org/2009/09/25/scott-sumner/discretion-futures-targeting-one-step-time}}
{{cite journal|first=Scott|last=Sumner|title=Almost on the Money: Replies to Hamilton, Selgin, and Hummel|journal=Cato Unbound|publisher=Cato Institute|date=September 23, 2009|url=https://www.cato-unbound.org/2009/09/23/scott-sumner/almost-money-replies-hamilton-selgin-hummel}}
{{cite journal|first=Scott|last=Sumner|title=The Real Problem was Nominal|journal=Cato Unbound|publisher=Cato Institute|date=September 14, 2009|url=https://www.cato-unbound.org/2009/09/14/scott-sumner/real-problem-was-nominal}}
{{cite journal |first=Scott|last=Sumner|title=Some Observations on the Return of the Liquidity Trap|journal=Cato Journal|publisher=Cato Institute|pages=481–490|volume=21|issue=3|year=2002|url=https://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2002/1/cj21n3-8.pdf}}

==Others==

{{cite news|first=Scott B.|last=Sumner|title=The problem with central bankers' inflation preoccupation|date=March 28, 2018|work=CapX|publisher=Centre for Policy Studies|url=https://capx.co/the-problem-with-central-bankers-preoccupation-with-inflation/|access-date=April 18, 2021}}
{{cite news|first=Scott B.|last=Sumner|title=Trump wants a non-economist to lead the Fed. That could be dangerous.|date=November 2, 2017|newspaper=The Washington Post|publisher=Nash Holdings|url=https://www.washingtonpost.com/opinions/trump-wants-a-non-economist-to-lead-the-fed-that-could-be-dangerous/2017/11/02/0a3b3bec-bfe4-11e7-8444-a0d4f04b89eb_story.html|access-date=April 18, 2021}}
{{cite news|first=Scott B.|last=Sumner|title=The Fed and the Great Recession: How Better Monetary Policy Can Avert the Next Crisis|year=2016|work=Foreign Affairs|publisher=Council on Foreign Relations|url=https://www.foreignaffairs.com/articles/united-states/2016-04-18/fed-and-great-recession}}
{{cite news|first=Scott B.|last=Sumner|date=May 13, 2016|title=The Curious Rise of the Push for $15 Wage|url=https://www.mercatus.org/expert_commentary/curious-rise-push-15-wage|work=Orange County Register|publisher=Digital First Media|access-date=April 18, 2021}}
{{cite news|first=Scott B.|last=Sumner|title=Are Congress and the Fed Repeating the Mistakes of the Depression?|date=February 4, 2016|work=The Fiscal Times|publisher=The Fiscal Times Media Group|url=https://www.thefiscaltimes.com/Columns/2016/02/04/Are-Congress-and-Fed-Repeating-Mistakes-Depression|access-date=April 18, 2021}}
{{cite news|first=Scott B.|last=Sumner|title=Translating 'Fedspeak' into English Shouldn't Be So Hard|date=December 4, 2015|work=American Banker|publisher=Arizent|url=https://www.americanbanker.com/opinion/translating-fedspeak-into-english-shouldnt-be-so-hard|access-date=April 18, 2021}}
{{cite news|first=Scott B.|last=Sumner|title=Milton Friedman Saw the Euro Crisis Coming|date=October 2015|work=Reason|publisher=Reason Foundation|url=https://reason.com/2015/09/18/milton-friedman-saw-the-euro-c/|access-date=April 18, 2021}}
{{cite news|first1=Scott|last1=Sumner|first2=Kevin|last2=Erdmann|title=Here's What's Driving Inequality|date=June 8, 2015|url=https://www.nationalreview.com/2015/06/whats-driving-inequality/|work=National Review|access-date=April 18, 2021}}
{{cite journal |first=Scott|last=Sumner|title=What Would Milton Friedman Have Thought of the Great Recession?|journal=The American Journal of Economics and Sociology|publisher=Wiley-Blackwell|volume=74|issue=2|pages=209–235|date=March 2015|doi=10.1111/ajes.12097|doi-access=free}}
{{cite news|last=Sumner|first=Scott B.|title=Is It Fair to Tax Capital Gains at Lower Rates Than Earned Income?|date=March 1, 2015|website=The Wall Street Journal|publisher=News Corp|url=https://www.wsj.com/articles/how-should-capital-gains-be-taxed-1425271052|access-date=April 18, 2021}}
{{cite journal|title=Economists on the Welfare State and the Regulatory State: Why Don't Any Argue in Favor of One and Against the Other?|journal=Econ Journal Watch|volume=12|issue=1|pages=2–14|publisher=Fraser Institute|url=https://econjwatch.org/File+download/853/KleinJan2015.pdf?mimetype=pdf|access-date=April 18, 2021}}
{{cite news|last=Sumner|first=Scott B.|title=A new way to run the U.S. economy|date=August 6, 2013|website=Politico|url=http://www.politico.com/story/2013/08/a-new-way-to-run-the-us-economy-95232.html|access-date=April 18, 2021}}
{{cite journal |first1=Scott|last1=Sumner|first2=Aaron L.|last2=Jackson|title=Velocity Futures Markets: Does the Fed Need A Structural Model?|journal=Economic Inquiry|publisher=Wiley-Blackwell|date=October 2006|volume=44|issue=4|pages=716–728|doi=10.1093/ei/cbj044}}
{{cite journal |first=Scott|last=Sumner|title=Is Nonprice Competition in Currency Inefficient?|journal=Journal of Money, Credit and Banking|publisher=Ohio State University Press|pages=146–149|volume=32|issue=1|year=2000|jstor=2601097|doi=10.2307/2601097}}
{{cite journal |first1=Scott|last1=Sumner|first2=O. David|last2=Gulley|first3=Ross|last3=Newman|title=Money demand and nominal debt: An equilibrium model of the liquidity effect|journal=Journal of Macroeconomics|publisher=Elsevier|pages=267–293|volume=20|issue=2|year=1998|doi=10.1016/S0164-0704(98)00057-3}}
{{cite journal |first=Scott|last=Sumner|title=Reply to Garrison and White|journal=Journal of Money, Credit and Banking|publisher=Ohio State University Press|pages=542–545|volume=29|issue=4|date=November 1997|jstor=2953713|doi=10.2307/2953713}}
{{cite journal |first=Scott|last=Sumner|title=The Impact of Futures Price Targeting on the Precision and Credibility of Monetary Policy|journal=Journal of Money, Credit and Banking|publisher=Wiley-Blackwell|pages=89–106|volume=27|issue=1|date=February 1995|jstor=2077852|doi=10.2307/2077852}}
{{cite journal |first1=Scott|last1=Sumner|first2=Stephen|last2=Silver|title=Nominal and Real Wage Cyclicality during the Interwar Period|journal=Southern Economic Journal|publisher=Southern Economic Association|pages=109–118|volume=61|issue=3|date=January 1995|jstor=1060983}}
{{cite journal |first=Scott|last=Sumner|title=A Note on the Viability of an 'Indirectly Convertible' Gold Standard|journal=Southern Economic Journal|publisher=Southern Economic Association|pages=530–533|volume=61|issue=2|date=October 1994|jstor=1059998|doi=10.2307/1059998}}
{{cite journal |first=Scott|last=Sumner|title=Colonial Currency and the Quantity Theory of Money: A Critique of Smith's Interpretation|journal=The Journal of Economic History|publisher=Cambridge University Press|pages=139–145|volume=53|issue=1|date=March 1993|jstor= 2123179|doi=10.1017/S0022050700012420|s2cid=155035369 }}
{{cite journal |first=Scott|last=Sumner|title=Privatizing the Mint|journal=Journal of Money, Credit and Banking|publisher=Ohio State University Press|pages=13–29|volume=25|issue=1|date=February 1993|jstor=2077817|doi=10.2307/2077817}}
{{cite journal |first=Scott|last=Sumner|title=The Gold Standard, Monetary Policy, and the Banking School - Currency School Debate|journal=Eastern Economic Journal|publisher=Palgrave Macmillan|pages=345–358|volume=18|issue=3|year=1992|jstor=40325457}}
{{cite journal |first=Scott|last=Sumner|title=The Forerunners of 'New Monetary Economics' Proposals to Stabilize the Unit of Account: Note|journal=Journal of Money, Credit and Banking|publisher=Ohio State University Press|pages=109–118|volume=22|issue=1|date=February 1990|jstor=1992131|doi=10.2307/1992131}}
{{cite journal |first1=Scott|last1=Sumner|first2=Stephen|last2=Grubaugh|title=Commodity Prices, Money Surprises, and Fed Credibility: Comment|journal=Journal of Money, Credit and Banking|publisher=Ohio State University Press|pages=407–408|volume=21|issue=3|date=August 1989|jstor=1992424|doi=10.2307/1992424}}
{{cite journal |first1=Scott|last1=Sumner|first2=Stephen|last2=Silver|title=Real Wages, Employment, and the Phillips Curve|journal=Journal of Political Economy|publisher=University of Chicago Press|pages=706–720|volume=97|issue=3|date=June 1989|jstor=1830462|doi=10.1086/261623|s2cid=154849270}}

References

External links

[https://www.mercatus.org/scholars/scott-sumner Mercatus.org]
[https://faculty.bentley.edu/details.asp?uname=ssumner Faculty webpage at Bentley University]
[http://www.themoneyillusion.com/ Blog]
[http://www.economist.com/node/21542174 Marginal revolutionaries], The Economist, December 31, 2011
{{cite web |last=Roberts |first=Russ |title=Scott Sumner Podcasts |url=http://www.econtalk.org/archives/_featuring/scott_sumner/ |work=EconTalk |publisher=Library of Economics and Liberty |authorlink=Russ Roberts}}
{{cite web|title=Scott Sumner|url=https://www.jstor.org/action/doBasicSearch?Query=au%3A%22Scott+Sumner%22+&acc=off&wc=on&fc=off&group=none|publisher=JSTOR}}