Scott Sumner is David’s colleague and the Ralph G. Hawtrey Chair of Monetary Policy at the Mercatus Center. Scott is also a returning guest to the podcast and joins David on Macro Musings to discuss his new book, The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy. Specifically, David and Scott discuss common misconceptions about the 2008-09 Recession, why bubble narratives too often miss the mark when explaining rising asset prices, whether the Fed’s adoption of average inflation targeting signals that it is moving toward a level target, and much more.   Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings   Scott’s Twitter: @ScottSumnerTMI Scott’s blog: https://www.themoneyillusion.com/ Scott’s Mercatus profile: https://www.mercatus.org/scholars/scott-sumner   Related Links:   *The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy* By Scott Sumner https://www.mercatus.org/publications/monetary-policy/money-illusion-market-monetarism-great-recession-and-future-monetary   *Eight Centuries of Global Real Interest Rates, R-G, and the ‘Suprasecular’ Decline, 1311–2018* by Paul Schmelzing https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3485734   David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth