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Scott B. Sumner is an American economist. He is a Research Fellow at the Independent Institute, Director of the Monetary Policy Program at the Mercatus Center of George Mason University and professor of economics at Bentley University in Waltham, Massachusetts. His economic blog, The Money Illusion, popularized the idea that the US Federal Reserve use nominal GDP as a growth target – real GDP growth plus the inflation rate – to be able to “induce the right level of investment” of better In May of 2012, the president of the Chicago Fed, Charles L. Evans, became the first member of the Federal Open Market Committee (FOMC) to support the idea.
After Ben Bernanke announced a new round of quantitative easing on September 13, 2012, which openly committed the FOMC to the purchase of mortgage-backed securities worth $ 40 billion each month until the “labor market is replenished substantially,” some media started calling him the “blogger who saved the economy,” for popularizing the concept of using nominal income as a growth target.
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