1454:
1864:
In the United States, where the country's currency has a special international role being used in many transactions around the world, legally as well as illegally, the ratio is still more than 8 to 1. Commercial banks create money whenever they make a loan and simultaneously create a matching deposit in the borrower's bank account. In return, money is destroyed when the borrower pays back the principal on the loan. Movements in the money supply therefore to a large extent depend on the decisions of commercial banks to supply loans and consequently deposits, and the public's behavior in demanding currency as well as bank deposits. These decisions are influenced by the monetary policy of central banks, so that money supply is ultimately created by complex interactions between banks, non-banks and central banks.
868:
2547:
2185:
1299:
42:
1307:
2499:
1462:
1876:. This increases the liquidity in the banking system by converting the illiquid securities of commercial banks into liquid deposits at the central bank. This also causes the price of such securities to rise due to the increased demand, and interest rates to fall. In contrast, when the central bank "tightens" the money supply, it sells securities on the open market, drawing liquid funds out of the banking system. The prices of such securities fall as supply is increased, and interest rates rise.
1937:
2449:
1315:
1993:
2205:
1256:
4495:
2955:
801:
2102:
2058:
2921:
medium run, which is the time horizon that is relevant to monetary policy. This made a money target less useful for central banks and led to the decline of money supply as a tool of monetary policy. Instead central banks generally switched to steering interest rates directly, allowing money supply to fluctuate to accommodate fluctuations in money demand. Concurrently, most central banks in developed countries implemented direct
2599:(the broad concept of money supply): M1 plus time deposits with the banking system, made up of net bank credit to the government plus bank credit to the commercial sector, plus the net foreign exchange assets of the banking sector and the government's currency liabilities to the public, less the net non-monetary liabilities of the banking sector (other than time deposits). M3 was 555 per cent of M0 as on March 31, 2020(i.e.
4507:
813:
2165:
2142:: Cash outside banks (i.e. in circulation with the public and non-bank firms) plus private-sector retail bank and building society deposits plus private-sector wholesale bank and building society deposits and certificates of deposit. In 2010 the total money supply (M4) measure in the UK was £2.2 trillion while the actual notes and coins in circulation totalled only £47 billion, 2.1% of the actual money supply.
2228:
comprised M2 plus certain accounts that are held by entities other than individuals and are issued by banks and thrift institutions to augment M2-type balances in meeting credit demands, as well as balances in money market mutual funds held by institutional investors. The aggregates have had different roles in monetary policy as their reliability as guides has changed. The principal components are:
2387:
eliminated reserve requirements for all depository institutions and rendered the regulatory distinction between reservable "transaction accounts" and nonreservable "savings deposits" unnecessary. On April 24, 2020, the Board removed this regulatory distinction by deleting the six-per-month transfer limit on savings deposits. From this point on, savings account deposits were included in M1.
2577:): Currency in circulation, plus bankers' deposits with the RBI and 'other' deposits with the RBI. Calculated from net RBI credit to the government plus RBI credit to the commercial sector, plus RBI's claims on banks and net foreign assets plus the government's currency liabilities to the public, less the RBI's net non-monetary liabilities. M0 outstanding was
2177:
1428:. In particular during the 1970s and 1980s this idea was influential, and several major central banks during that period attempted to control the money supply closely, following a monetary policy target of increasing the money supply stably. However, the strategy was generally found to be impractical because
2398:
When the
Federal Reserve announced in 2005 that they would cease publishing M3 statistics in March 2006, they explained that M3 did not convey any additional information about economic activity compared to M2, and thus, "has not played a role in the monetary policy process for many years." Therefore,
2661:
In light of the fact that modern central banks have generally ceased to target the money supply as an explicit policy variable, in some more recent macroeconomic textbooks the IS-LM model has been modified to incorporate the fact that rather than manipulating the money supply, central banks tend to
2415:
regime such as the U.S. will not lead to significant inflation unless the economy is approaching full employment and full capacity. Some of the data used to calculate M3 are still collected and published on a regular basis. Current alternate sources of M3 data are available from the private sector.
1863:
By far the largest part of the money used by individuals and firms to execute economic actions are commercial bank money, i.e. deposits issued by banks and other financial institutions. In the United
Kingdom, deposit money outweighs the central bank issued currency by a factor of more than 30 to 1.
2649:
in 1937 to describe
Keynesian macroeconomic theory. Between the 1940s and mid-1970s, it was the leading framework of macroeconomic analysis and is still today an important conceptual introductory tool in many macroeconomics textbooks. In the traditional version of this model it is assumed that the
2532:: the broadest monetary aggregate. It represents all New Zealand dollar funding of M3 institutions and any Reserve Bank repos with non-M3 institutions. M3 consists of notes & coin held by the public plus NZ dollar funding minus inter-M3 institutional claims and minus central government deposits
2920:
Starting in the mid-1970s and increasingly over the next decades, the empirical correlation between fluctuations in the money supply and changes in income or prices broke down, and there appeared clear evidence that money demand (or, equivalently, velocity) was unstable, at least in the short and
2386:
Prior to 2020, savings accounts were counted as M2 and not part of M1 as they were not considered "transaction accounts" by the Fed. (There was a limit of six transactions per cycle that could be carried out in a savings account without incurring a penalty.) On March 15, 2020, the
Federal Reserve
1978:
May 18, 2005: A lower and upper guaranteed limit are in place at 7.75 to the US dollar. Lower limit was lowered from 7.80 to 7.85, between May 23 and June 20, 2005. The
Monetary Authority indicated this was to narrow the gap between interest rates between Hong Kong and the US, and to avoid the HK
1867:
Even though central banks today rarely try to control the amount of money in circulation, their policies still impact the actions of both commercial banks and their customers. When setting the interest rate on central bank reserves, interest rates on bank loans are affected, which in turn affects
2390:
Although the
Treasury can and does hold cash and a special deposit account at the Fed (TGA account), these assets do not count in any of the aggregates. So in essence, money paid in taxes paid to the Federal Government (Treasury) is excluded from the money supply. To counter this, the government
1921:
A bank can issue a Hong Kong dollar only if it has the equivalent exchange in US dollars on deposit. The currency board system ensures that Hong Kong's entire monetary base is backed with US dollars at the linked exchange rate. The resources for the backing are kept in Hong Kong's exchange fund,
2937:
Even though today central banks generally do not try to determine the money supply, monitoring money supply data may still play a role in the preparation of monetary policy as part of a wide array of financial and economic data that policymakers review. Developments in money supply may contain
2622:
The importance which has historically been attached to the money supply in the monetary policy of central banks is due to the suggestion that movements in money may determine important economic variables like prices (and hence inflation), output and employment. Indeed, two prominent analytical
3472:
At the beginning of the 20th almost the totality of retail payments were made in central bank money. Over time, this monopoly came to be shared with commercial banks, when deposits and their transfer via checks and giros became widely accepted. Banknotes and commercial bank money became fully
2227:
balances; and M2 includes M1 plus balances that generally are similar to transaction accounts and that, for the most part, can be converted fairly readily to M1 with little or no loss of principal. The M2 measure is thought to be held primarily by households. Prior to its discontinuation, M3
2395:(TT&L) program in which any receipts above a certain threshold are redeposited in private banks. The idea is that tax receipts won't decrease the amount of reserves in the banking system. The TT&L accounts, while demand deposits, do not count toward M1 or any other aggregate either.
1883:
relationship between the monetary base of the central bank and the resulting money supply including commercial bank deposits. This is a short-hand simplification which disregards several other factors determining commercial banks' reserve-to-deposit ratios and the public's money demand.
1499:"s. The "M"s usually range from M0 (narrowest) to M3 (and M4 in some countries) (broadest), but which "M"s, if any, are actually focused on in central bank communications depends on the particular institution. A typical layout for each of the "M"s is as follows for the United States:
2938:
information of the behavior of commercial banks and of the general economic stance which is useful for judging future movements in, say, employment and inflation. Also in this respect, however, money supply data have a mixed record. In the United States, for instance, the
1440:
which leaves little room for a special emphasis on the money supply. Money supply measures may still play a role in monetary policy, however, as one of many economic indicators that central bankers monitor to judge likely future movements in central variables like
1435:
Consequently, the money supply has lost its central role in monetary policy, and central banks today generally do not try to control the money supply. Instead they focus on adjusting interest rates, in developed countries normally as part of a direct
2890:
evidence of a direct relationship between the growth of the money supply and long-term price inflation, at least for rapid increases in the amount of money in the economy. The quantity theory was a cornerstone for the monetarists and in particular
2899:
in 1963 in a pioneering work documented the relationship between money and inflation in the United States during the period 1867–1960. During the 1970s and 1980s the monetarist ideas were increasingly influential, and major central banks like the
2407:(R-TX) claimed that "M3 is the best description of how quickly the Fed is creating new money and credit. Common sense tells us that a government central bank creating new money out of thin air depreciates the value of each dollar in circulation."
2862:
which describe more regular economic behavior. However, predictability (or the lack thereof) of the velocity of money is equivalent to predictability (or the lack thereof) of the demand for money (since in equilibrium real money demand is simply
3473:
interchangeable payment media that customers could use according to their needs. While transaction costs in commercial bank money were shrinking, cashless payment instruments became increasingly used, at the expense of banknotes.
2382:: M1 / MB. As of December 3, 2015, it was 0.756. While a multiplier under one is historically an oddity, this is a reflection of the popularity of M2 over M1 and the massive amount of MB the government has created since 2008.
2942:
originally included a real money supply (M2) component as one of its 10 leading indicators, but removed it from the index in 2012 after having ascertained that it had performed poorly as a leading indicator since 1989.
2925:
as the foundation of their monetary policy, which leaves little room for a special emphasis on the money supply. In the United States, the strategy of targeting the money supply was tried under
Federal Reserve chairman
2136:. (When the bank introduced Money Market Reform in May 2006, the bank ceased publication of M0 and instead began publishing series for reserve balances at the Bank of England to accompany notes and coin in circulation.)
2419:
In the United States, a bank's reserves consist of U.S. currency held by the bank (also known as "vault cash") plus the bank's balances in
Federal Reserve accounts. For this purpose, cash on hand and balances in
2146:
There are several different definitions of money supply to reflect the differing stores of money. Owing to the nature of bank deposits, especially time-restricted savings account deposits, M4 represents the most
5649:
1868:
their demand. Central banks may also affect the money supply more directly by engaging in various open market operations. They can increase the money supply by purchasing government securities, such as
2843:. Adherents of the quantity theory of money assume that the velocity of money is stable and predictable, being determined mostly by financial institutions. If that assumption is valid, then changes in
1481:. Narrow measures include only the most liquid assets: those most easily used to spend (currency, checkable deposits). Broader measures add less liquid types of assets (certificates of deposit, etc.).
1910:
provides that Hong Kong retains full autonomy with respect to currency issuance. Currency in Hong Kong is issued by the government and three local banks under the supervision of the territory's
2219:
published data on three monetary aggregates until 2006, when it ceased publication of M3 data and only published data on M1 and M2. M1 consists of money commonly used for payment, basically
1922:
which is among the largest official reserves in the world. Hong Kong also has huge deposits of US dollars, with official foreign currency reserves of 331.3 billion USD as of
September 2014.
2526:: M1 + all non-M1 call funding (call funding includes overnight money and funding on terms that can of right be broken without break penalties) minus inter-institutional non-M1 call funding
2039:: M3 and CDs, plus money market, pecuniary trusts other than money trusts, investment trusts, bank debentures, commercial paper issued by financial institutions, repurchase agreements and
5642:
1378:, etc., according to how wide a definition of money they embrace. The precise definitions vary from country to country, in part depending on national financial institutional traditions.
1786:
or total currency. This is the base from which other forms of money (like checking deposits, listed below) are created and is traditionally the most liquid measure of the money supply.
1397:) issued by central banks only makes up a small part of the total money supply in modern economies. The public's demand for currency and bank deposits and commercial banks' supply of
2721:
2587:: Currency with the public plus deposit money of the public (demand deposits with the banking system and 'other' deposits with the RBI). M1 was 184 per cent of M0 in August 2017.
1804:: M2 plus large and long-term deposits. Since 2006, M3 is no longer published by the US central bank. However, there are still estimates produced by various private institutions.
5635:
6553:
3352:
1457:
In accordance to "credit mechanics": Bank money expansion and destruction (or unchangement) depend on payment flows (after given loans by commercial banks to nonbank sector).
6558:
2489:: holdings of notes and coins by the private sector plus deposits of banks with the Reserve Bank of Australia (RBA) and other RBA liabilities to the private non-bank sector.
1453:
1960:
was increased from 1 shilling 3 pence (£1 = HK$ 16) to 1 shilling 4½ pence (£1 = HK$ 14.5455). Valued in USD, the currency went from US$ 1 = HK$ 5.71 to US$ 1 = HK$ 6.06
2674:, inflation is caused by movements in the supply of money and hence can be controlled by the central bank if the bank controls the money supply. The theory builds upon
2835:
is defined by the values of the other three variables. Unlike the other terms, the velocity of money has no independent measure and can only be estimated by dividing
6543:
2817:
2795:
2769:
2747:
3565:
6533:
2999:
758:
6523:
6528:
3548:
5798:
5658:
2520:: notes and coins held by the public plus chequeable deposits, minus inter-institutional chequeable deposits, and minus central government deposits
843:
5627:
4464:
4363:
4423:
2403:
decision to cease publishing M3 statistics and have urged the U.S. Congress to take steps requiring the
Federal Reserve to do so. Congressman
3383:
6041:
5666:
5612:
5568:
3078:
2934:, the number of central banks that actively seek to influence money supply as an element of their monetary policy is shrinking to zero.
3990:
6401:
6348:
3731:
1776:: In some countries, such as the United Kingdom, M0 includes bank reserves, so M0 is referred to as the monetary base, or narrow money.
1879:
In some economics textbooks, the supply-demand equilibrium in the markets for money and reserves is represented by a simple so-called
6259:
5866:
3360:
1285:
2650:
central bank conducts monetary policy by increasing or decreasing the money supply, which affects interest rates and consequently
1338:
held by the public at a particular point in time. There are several ways to define "money", but standard measures usually include
5871:
5662:
3157:
2939:
3949:
6237:
5969:
5964:
5959:
5953:
2477:: M1 plus all other bank deposits from the private non-bank sector, plus bank certificate of deposits, less inter-bank deposits
2287:
1651:
377:
153:
4211:
6242:
5771:
4310:
4059:
3602:
3519:
2610:
2086:: M1 plus deposits with an agreed maturity up to two years plus deposits redeemable at a period of notice up to three months.
3782:
3620:
1409:, the money supply is ultimately determined by complex interactions between non-banks, commercial banks and central banks.
6490:
4238:"Determinants of Management of Central Bank to Provide the Economic Growth: an Application of Structural Equation Modeling"
3453:
Contemporary monetary systems are based on the mutually reinforcing roles of central bank money and commercial bank monies.
3009:
1477:
There are several standard measures of the money supply, classified along a spectrum or continuum between narrow and broad
836:
3927:
4616:
4539:
3284:
2424:("Fed") accounts are interchangeable (both are obligations of the Fed). Reserves may come from any source, including the
6386:
3766:
3214:
3093:
514:
362:
2855:
is required in order for the equation of exchange to be useful as a macroeconomics model or as a predictor of prices.
4131:
2399:
the costs to collect M3 data outweighed the benefits the data provided. Some politicians have spoken out against the
2258:
2244:
1401:
are consequently important determinants of money supply changes. As these decisions are influenced by central banks'
1484:
This continuum corresponds to the way that different types of money are more or less controlled by monetary policy.
6232:
3717:
3183:
455:
4079:
3637:
2033:: M2 + CDs plus deposits of post offices; other savings and deposits with financial institutions; and money trusts
6450:
5657:
829:
6184:
5050:
4285:
3499:
2483:: M3 plus borrowings from the private sector by NBFIs, less the latter's holdings of currency and bank deposits
2092:: M2 plus repurchase agreements plus money market fund (MMF) shares/units, plus debt securities up to two years
1907:
2247:. It is not relevant whether the currency is held inside or outside of the private banking system as reserves.
6212:
5928:
5020:
5010:
4703:
1359:
560:
367:
5231:
4159:
The Purchasing Power of Money, its Determination and Relation to Credit, Interest and Crises, Irving Fisher.
2989:
6094:
5170:
5143:
1278:
499:
487:
4392:
1528:
Notes and coins in circulation (outside Federal Reserve Banks and the vaults of depository institutions) (
6408:
6190:
6122:
5597:
5578:
5155:
5000:
4966:
4951:
4930:
4925:
2688:
2510:
389:
219:
143:
71:
4036:
3681:
2373:: The broadest measure of liquidity, that the Federal Reserve no longer tracks. L is very close to M4 +
1381:
Even for narrow aggregates like M1, by far the largest part of the money supply consists of deposits in
6465:
6440:
6295:
6290:
6249:
6217:
6004:
5922:
5572:
5148:
4838:
4828:
4485:
3019:
2164:
1957:
1824:
509:
492:
372:
4469:
4003:
6485:
6475:
6222:
4718:
4478:
4173:
2457:
1953:
973:
394:
4393:"Real M2 and Its Impact on The Conference Board Leading Economic Index® (LEI) for the United States"
4099:
3212:"Gold, Oil, Stocks, Investments, Currencies, and the Federal Reserve: Growth of Global Money Supply"
2593:: M1 plus savings deposits with post office savings banks. M2 was 879 per cent of M0 in August 2017.
2546:
6586:
6375:
6163:
5602:
5548:
5291:
5246:
5085:
4956:
4833:
3695:
3073:
2671:
2634:
2270:
2254:
1810:: Money with zero maturity. It measures the supply of financial assets redeemable at par on demand.
583:
548:
384:
5306:
6480:
6470:
6460:
6455:
6445:
6325:
6320:
6315:
5836:
5256:
5090:
5080:
5070:
5060:
4798:
4788:
4748:
4738:
4611:
4532:
4459:
3465:
3398:
2912:
officially followed a monetary policy objective of increasing the money supply in a stable way.
2468:
2220:
1915:
1271:
553:
475:
470:
442:
25:
1798:: Represents M1 and "close substitutes" for M1. M2 is a broader classification of money than M1.
6227:
6157:
5989:
5426:
5271:
5131:
5074:
5030:
4993:
4743:
4683:
4658:
4628:
4601:
4094:
3957:
3931:
2828:
2408:
2374:
2333:
2309:
2184:
2025:
1970:
1339:
1185:
785:
536:
352:
347:
332:
299:
158:
4017:
2278:: The total amount of M0 (cash/coin) outside of the private banking system plus the amount of
6413:
6396:
6391:
6380:
6343:
6338:
6332:
5943:
5912:
5810:
5558:
5241:
5216:
5201:
5175:
5114:
4793:
4733:
4713:
4708:
2994:
2563:
2392:
2193:
2070:
1355:
625:
600:
504:
437:
163:
126:
104:
99:
4449:
4437:
3961:
3735:
2318:: 'Money Zero Maturity' is one of the most popular aggregates in use by the Fed because its
1298:
5979:
5824:
5607:
5311:
5055:
5025:
4978:
4941:
4867:
4818:
4783:
4723:
4688:
4623:
4606:
3014:
2931:
2679:
2341:
2301:
2283:
2266:
2236:
2209:
1945:
1702:
1603:
543:
357:
202:
4556:
3062:
8:
6078:
5933:
5841:
5793:
5761:
5742:
5537:
5346:
5165:
5065:
5045:
5005:
4961:
4946:
4902:
4843:
4768:
4758:
4728:
4651:
4237:
4052:
An Eponymous Dictionary of Economics: A Guide to Laws and Theorems Named after Economists
3423:"The coexistence of central and commercial bank monies: multiple issuers, one currency".
2974:
2922:
1903:
1485:
1306:
1165:
1030:
993:
884:
753:
630:
465:
427:
168:
131:
5206:
4638:
4236:
Sysoyeva, Larysa; Bielova, Inna; Ryabushka, Luidmila; Demikhov, Oleksii (May 29, 2021).
3660:
3338:
3094:"Wilhelm Lautenbach's credit mechanics – a precursor to the current money supply debate"
2827:, omitting the role of all other transactions. Either way, the equation in itself is an
867:
590:
6591:
6563:
6548:
6538:
6518:
6513:
6508:
6503:
6497:
5815:
5783:
5592:
5563:
5521:
5326:
5035:
5015:
4983:
4897:
4892:
4872:
4823:
4763:
4753:
4698:
4693:
4525:
4267:
4112:
3908:
3113:
3024:
2802:
2780:
2754:
2732:
2262:
2240:
2040:
1747:
1725:
1190:
1160:
1114:
1052:
988:
705:
432:
399:
337:
4336:
3935:
3161:
3131:
2065:
money supplies M0, M1, M2 and M3, and euro zone GDP from 1980–2021. Logarithmic scale.
6284:
6278:
6272:
5878:
5851:
5788:
5776:
5737:
5706:
5456:
5431:
5341:
5221:
5109:
4912:
4848:
4813:
4803:
4673:
4271:
4259:
4055:
3762:
3668:
3598:
3515:
3117:
3034:
3004:
2832:
2772:
2498:
2319:
2305:
1578:
1255:
1236:
1144:
1092:
949:
904:
899:
780:
768:
725:
570:
565:
289:
214:
5381:
4108:
3895:
3822:
3511:
2435:
was $ 3 trillion and M2, the broadest measure of money supply, was $ 10.5 trillion.
2336:(large time deposits, institutional money market mutual fund balances), deposits of
1844:– obligations of commercial banks, including checking accounts and savings accounts.
640:
6365:
6360:
6206:
6195:
5856:
5846:
5756:
5716:
5711:
5686:
5681:
5677:
5506:
5451:
5436:
5421:
5406:
5336:
5316:
5296:
5251:
4858:
4808:
4778:
4773:
4663:
4589:
4249:
4185:
4116:
4104:
3847:
3507:
3105:
2859:
2655:
2351:
2224:
2151:
measure of money. M0, by contrast, is the most liquid measure of the money supply.
2148:
1931:
1880:
1461:
1437:
1109:
1099:
998:
978:
954:
715:
700:
226:
197:
185:
175:
111:
91:
61:
56:
5386:
3109:
6434:
6424:
6174:
6115:
6110:
6104:
5696:
5617:
5511:
5476:
5441:
5376:
5301:
5286:
5180:
5136:
4973:
4907:
4882:
4877:
4853:
4584:
4569:
4511:
4427:
3566:"The role of banks, non-banks and the central bank in the money creation process"
3230:
3218:
3029:
2969:
2905:
2901:
2892:
2421:
2400:
2291:
2216:
2133:
1869:
1675:
1654:(NOW) accounts at depository institutions and credit union share draft accounts.
1582:
1413:
1402:
1382:
1347:
1241:
1218:
1213:
1208:
1175:
1139:
1037:
1018:
961:
924:
889:
817:
720:
680:
660:
526:
327:
322:
317:
284:
256:
116:
1488:
include those more directly affected and controlled by monetary policy, whereas
5723:
5701:
5531:
5516:
5481:
5466:
5446:
5416:
5236:
4887:
4596:
4564:
4075:
3246:
3058:
2831:
which is true by definition rather than describing economic behavior. That is,
2279:
2110:
2106:
1820:
1627:
1466:
1323:
1134:
1074:
1062:
859:
775:
690:
685:
342:
192:
148:
66:
41:
33:
5266:
1975:
October 17, 1983: Pegged at US$ 1 = HK$ 7.80 through the currency board system
610:
6580:
6151:
6145:
6136:
6130:
6072:
6063:
6054:
6036:
6025:
6013:
5983:
5805:
5496:
5486:
5461:
5401:
5396:
5391:
5371:
5361:
5331:
5321:
5226:
5126:
5099:
4863:
4263:
4189:
3310:
3288:
3259:
2896:
2858:
Most macroeconomists replace the equation of exchange with equations for the
2675:
2432:
2425:
2364:
2360:
2189:
2176:
2118:
2004:
1873:
1783:
1698:
1406:
1119:
1069:
1047:
1042:
1025:
966:
942:
919:
909:
894:
877:
710:
695:
670:
655:
650:
645:
620:
615:
279:
241:
138:
4254:
3909:"Net Free or Borrowed Reserves of Depository Institutions (NFORBRES) – FRED"
3860:
3211:
2930:
from 1979, but was found to be impractical and later given up. According to
2169:
5895:
5888:
5883:
5747:
5691:
5526:
5471:
5366:
5356:
5351:
5276:
5121:
4646:
4574:
4499:
3928:"Aggregate Reserves of Depository Institutions and the Monetary Base – H.3"
3796:
3039:
2984:
2960:
2927:
2180:
M0, M1 and M3. US-GDP and M3 of Eurozone for comparison. Logarithmic scale.
1936:
1429:
1363:
1259:
1057:
983:
914:
805:
730:
675:
635:
422:
294:
261:
251:
86:
81:
2448:
1914:
central bank, the Hong Kong Monetary Authority. Bank notes are printed by
1827:
system used throughout the world, money can be subdivided into two types:
6305:
5861:
5820:
5766:
5501:
5491:
5281:
5160:
5104:
4579:
4454:
4450:
Aggregate Reserves Of Depository Institutions And The Monetary Base (H.3)
4432:
2627:
2502:
2122:
2021:
1489:
1180:
735:
246:
231:
2797:
is the average price of all the goods and services sold during the year,
2117:
There are just two official UK measures. M0 is referred to as the "wide
1992:
16:
Total value of money available in an economy at a specific point in time
6089:
5411:
5211:
4988:
2979:
2909:
2662:
conduct their policies by setting policy interest rates more directly.
2651:
2646:
2631:
2412:
2337:
1556:
1442:
1417:
1129:
1104:
1005:
929:
665:
595:
531:
482:
2172:. Note that before April 24, 2020 savings accounts were not part of M1
1819:
Both central banks and commercial banks play a role in the process of
5900:
5831:
5732:
5728:
5261:
5191:
4548:
3638:"Hong Kong's Latest Foreign Currency Reserve Assets Figures Released"
3443:
3424:
3353:"Investors should assume that inflation will exceed the Fed's target"
2887:
2624:
2323:
2197:
1470:
1432:
turned out to be too unstable for the strategy to work as intended.
1425:
1314:
763:
605:
236:
121:
76:
2204:
2057:
5040:
4132:"The determination of the money supply: flexibility versus control"
3593:
Blanchard, Olivier; Amighini, Alessia; Giavazzi, Francesco (2021).
2819:
is the quantity of assets, goods and services sold during the year.
2404:
1980:
1835:
1529:
1390:
1386:
4311:"Federal Reserve Board - Historical Approaches to Monetary Policy"
3975:
2823:
In practice, macroeconomists almost always use real GDP to define
2101:
1366:
of the country. Empirical money supply measures are usually named
4474:
2609:: M3 plus all deposits with post office savings banks (excluding
2132:: Notes and coin in circulation plus banks' reserve balance with
4235:
3467:
Domestic payments in Euroland: commercial and central bank money
1310:
Comparative chart on money supply growth against inflation rates
4506:
2623:
frameworks in the 20th century both built on this premise: the
1421:
1358:). Money supply data is recorded and published, usually by the
1124:
812:
3271:
3397:(2). Federal Reserve Bank of Cleveland: 15–23. Archived from
2555:
2551:
2428:, deposits by the public, and borrowing from the Fed itself.
2257:(special deposits that only banks can have at the Fed). MB =
2235:: The total of all physical currency including coinage. M0 =
1996:
1351:
1335:
404:
180:
4517:
3989:
Bank, Joel; Durrani, Kassim; Hatzvi, Eden (March 21, 2019).
3341:, Federal Reserve, November 10, 2005, revised March 9, 2006.
1887:
1650:
Other checkable deposits (OCDs), which consist primarily of
4212:"Is Inflation Always And Everywhere a Monetary Phenomenon?"
2471:
plus bank current deposits from the private non-bank sector
2411:
disagrees. It holds that money creation in a free-floating
2062:
1398:
1394:
1343:
1495:
The different types of money are typically classified as "
3592:
4174:"The quantity theory of money in historical perspective"
4037:"Press Releases of Reserve Bank of India on 16 Dec 2020"
2168:
MB, M1 and M2 from 1959 to 2021 (all shown in billions)
2043:
with cash collateral, government bonds and foreign bonds
3761:(12th ed.). Oxford University Press. p. 455.
3381:
3098:
The European Journal of the History of Economic Thought
1979:
dollar being used as a proxy for speculative bets on a
1852:
while the commercial bank money is divided up into the
1728:, short-term repurchase and other larger liquid assets
4004:
Series description – Monetary and financial statistics
2771:
is the number of times per year each dollar is spent (
1848:
In the money supply statistics, central bank money is
4483:
3661:
http://www.boj.or.jp/en/type/exp/stat/data/exms01.pdf
3221:. DollarDaze Economic Commentary Blog by Mike Hewitt.
2805:
2783:
2757:
2735:
2691:
2322:
has historically been the most accurate predictor of
1492:
are less closely related to monetary-policy actions.
3783:"Savings are now more liquid and part of "M1 money""
3241:
3239:
3000:
Economics terminology that differs from common usage
2950:
4470:
Monetary Statistics on Hong Kong Monetary Authority
4141:. London School of Economics and Political Science
3619:
2811:
2789:
2763:
2749:is the total dollars in the nation's money supply,
2741:
2715:
2188:Money supply decreased by several percent between
2014:: cash currency in circulation, plus deposit money
1424:connection between growth in the money supply and
3988:
3597:(4th ed.). Harlow: Pearson. pp. 78–86.
3451:. Bank for International Settlements. p. 3.
3445:The Role of Central Bank Money in Payment Systems
3426:The Role of Central Bank Money in Payment Systems
3236:
2080:: Currency in circulation plus overnight deposits
6578:
4341:Board of Governors of the Federal Reserve System
4315:Board of Governors of the Federal Reserve System
4050:Bentolila, Samuel (2005). "Hicks–Hansen model".
3432:. Bank for International Settlements. p. 9.
3207:
3205:
3136:Board of Governors of the Federal Reserve System
2073:'s definition of euro area monetary aggregates:
3978:. Reserve Bank of Australia. November 11, 2015.
3092:Decker, Frank; Goodhart, Charles A. E. (2022).
3063:Deardorff's Glossary of International Economics
2326:. It is M2 – time deposits + money market funds
1963:1972: pegged to the US dollar, US$ 1 = HK$ 5.65
4364:"Does Money Still Matter for Monetary Policy?"
3757:Lipsey, Richard G.; Chrystal, K. Alec (2011).
3756:
3124:
3091:
2121:" or "narrow money" and M4 is referred to as "
2109:1984–2007. In thousand millions (billions) of
5643:
4533:
3991:"Updates to Australia's Financial Aggregates"
3617:
3202:
2617:
1279:
837:
4337:"What is the money supply? Is it important?"
4184:. KOF Swiss Economic Institute, ETH Zurich.
4080:"The Strange Persistence of the IS-LM Model"
3799:The Federal Reserve – Purposes and Functions
3588:
3586:
3334:
3332:
3330:
3328:
3132:"What is the money supply? Is it important?"
1302:China M2 money supply vs USA M2 money supply
4424:Article in the New Palgrave on Money Supply
4278:
3493:
3491:
3489:
3487:
3485:
3483:
3481:
3470:. European Central Bank. November 9, 2000.
3382:Carlson, John B.; Benjamin D. Keen (1996).
3079:The New Palgrave: A Dictionary of Economics
2665:
1834:– obligations of a central bank, including
1448:
5650:
5636:
4540:
4526:
4303:
3896:What is vault cash? definition and meaning
3384:"MZM: A monetary aggregate for the 1990s?"
3247:"Revisions to the H.6 Statistical Release"
3231:M1 Money Stock (M1) – FRED – St. Louis Fed
2253:: The total of all physical currency plus
1286:
1272:
866:
844:
830:
4253:
4098:
4049:
3853:
3583:
3325:
4465:Data on Monetary Aggregates in Australia
4167:
4165:
4129:
4074:
4019:Handbook of Statistics on Indian Economy
3618:Boermans, Martijn; Moore, Basil (2009).
3506:. Palgrave Macmillan UK. pp. 1–10.
3504:The New Palgrave Dictionary of Economics
3497:
3478:
2545:
2497:
2447:
2308:, and small denomination time deposits (
2203:
2183:
2175:
2163:
2100:
2056:
1991:
1935:
1460:
1452:
1313:
1305:
1297:
4438:Investopedia: Money Zero Maturity (MZM)
4286:"Inflation Targeting: Holding the Line"
2940:Conference Board Leading Economic Index
2915:
1969:1974 to 1983: The Hong Kong dollar was
1925:
1792:: Bank reserves are not included in M1.
6579:
4361:
3595:Macroeconomics: a European perspective
3549:"Money Creation in the Modern Economy"
3542:
3540:
3538:
3359:. Wells Fargo Advisors. Archived from
3350:
1999:money supply (April 1998 – April 2008)
1856:components, where it makes up the non-
154:Measures of national income and output
5631:
4521:
4171:
4162:
2581:30.297 trillion as on March 31, 2020.
4209:
3848:What the Price of Gold Is Telling Us
3803:. Federalreserve.gov. April 24, 2013
3720:. Bank of England. November 8, 2018.
3150:
3010:FRED (Federal Reserve Economic Data)
2566:defines the monetary aggregates as:
2513:defines the monetary aggregates as:
2460:defines the monetary aggregates as:
2007:defines the monetary aggregates as:
1838:and central bank depository accounts
1814:
1420:school of thought, there is a tight
4617:Agent-based computational economics
4130:Goodhart, C.A.E. (September 2017).
3954:Federal Reserve Statistical Release
3850:. Lewrockwell.com (April 25, 2006).
3789:
3535:
3458:
3416:
3262:. Investopedia (February 15, 2009).
2716:{\displaystyle M\times V=P\times Q}
1724:Large time deposits, institutional
13:
5954:British credit crisis of 1772–1773
4433:St. Louis Fed: Monetary Aggregates
4417:
4402:. The Conference Board. March 2010
4373:. Federal Reserve Bank of Richmond
3546:
2847:can be used to predict changes in
2645:The IS-LM model was introduced by
2550:Components of the money supply of
1145:Trade / commerce ministry
14:
6603:
5667:Commonwealth of Nations countries
4443:
3785:. St. Louis Federal Reserve Bank.
3734:. Bank of England. Archived from
3571:. Deutsche Bundesbank. April 2017
3351:Thayer, Gary (January 16, 2013).
2452:Australian money supply 1984–2022
2096:
1585:not physically present in banks)
5075:neoclassical–Keynesian synthesis
4505:
4493:
2953:
2159:
2154:
2125:" or simply "the money supply".
1555:Notes and coins in bank vaults (
1334:) refers to the total volume of
1254:
811:
799:
40:
5663:recessions in the United States
4385:
4355:
4329:
4229:
4203:
4153:
4123:
4109:10.1215/00182702-36-suppl_1-305
4068:
4043:
4029:
4009:
3997:
3982:
3968:
3942:
3920:
3901:
3889:
3880:
3871:
3841:
3815:
3775:
3750:
3724:
3718:"Further details about M0 data"
3710:
3688:
3652:
3630:
3611:
3558:
3512:10.1057/978-1-349-95121-5_875-2
3436:
3375:
3344:
3303:
3277:
3265:
3253:
3184:"Further details about M4 data"
1888:National definitions of "money"
4093:(Annual Supplement): 305–322.
3915:. St. Louis Fed. January 1929.
3640:. Hong Kong Monetary Authority
3622:Locked-in and Sticky textbooks
3498:Friedman, Benjamin M. (2017).
3287:. Investopedia. Archived from
3224:
3176:
3085:
3067:
3052:
2640:
2493:
1908:Sino-British Joint Declaration
1652:negotiable order of withdrawal
759:Publications in macroeconomics
1:
5011:Critique of political economy
4547:
4210:Aziz, John (March 10, 2013).
4172:Graff, Michael (April 2008).
3110:10.1080/09672567.2021.1963796
3046:
2611:National Savings Certificates
2536:
1703:money-market deposit accounts
1577:Federal Reserve Bank credit (
1405:, not least their setting of
1350:(depositors' easily accessed
4242:Studies of Applied Economics
4087:History of Political Economy
3993:. Reserve Bank of Australia.
3659:. Bank of Japan. p. 11
2443:
2363:(or M3 + Commercial Paper +
1897:
1892:
7:
6409:1997 Asian financial crisis
6042:Civil War-era United States
3217:September 15, 2015, at the
2946:
2511:Reserve Bank of New Zealand
2052:
1360:national statistical agency
10:
6608:
6185:Post–World War I recession
6005:Post-Napoleonic Depression
5149:Real business-cycle theory
4460:Money Stock Measures (H.6)
4362:Haltom, Renee (May 2013).
3950:"H.6 Money Stock Measures"
3233:. Research.stlouisfed.org.
3020:Macroprudential regulation
2990:Debt based monetary system
2851:. If not, then a model of
2618:Importance of money supply
2438:
2194:Bank Holiday in March 1933
1929:
1825:fractional-reserve banking
974:Deficit / surplus
510:New neoclassical synthesis
493:Real business-cycle theory
6423:
6359:
6304:
6258:
6173:
6095:2nd Industrial Revolution
6088:
6035:
6028:(1836–1838 and 1839–1843)
5944:1st Industrial Revolution
5942:
5911:
5712:Price-and-wage stickiness
5673:
5589:
5547:
5189:
4923:
4672:
4637:
4555:
3158:"money supply Definition"
2458:Reserve Bank of Australia
2306:money market mutual funds
2200:across the United States.
2047:
2037:Broadly defined liquidity
1075:Monetary (currency) union
6376:1990s United States boom
6164:Financial crisis of 1914
4400:www.conference-board.org
4190:10.3929/ethz-a-005582276
3886:12 C.F.R. sec. 204.5(a).
3877:12 C.F.R. sec. 204.2(k).
3732:"Explanatory Notes – M4"
2672:quantity theory of money
2666:Quantity theory of money
2635:quantity theory of money
2541:
2288:other checkable deposits
2271:Federal Reserve Deposits
2255:Federal Reserve Deposits
2196:when there were massive
1987:
1940:HKD vs USD over the year
1782:: is referred to as the
1701:less than $ 100,000 and
1449:Measures of money supply
515:Saltwater and freshwater
6191:Depression of 1920–1921
6123:Depression of 1882–1885
6037:Early Victorian Britain
5772:Real and nominal values
4789:Industrial organization
4612:Computational economics
4455:Historical H.3 releases
4255:10.25115/eea.v39i5.4803
3913:research.stlouisfed.org
3827:research.stlouisfed.org
3698:. European Central Bank
3188:www.bankofengland.co.uk
2469:currency in circulation
2310:certificates of deposit
2221:currency in circulation
2105:M4 money supply of the
1966:1973: US$ 1 = HK$ 5.085
1948:has changed over time.
1916:Hong Kong Note Printing
1340:currency in circulation
443:International economics
368:Overlapping generations
6296:Recession of 1969–1970
6291:Recession of 1960–1961
6250:Recession of 1937–1938
4994:Modern monetary theory
4659:Experimental economics
4629:Pluralism in economics
4602:Mathematical economics
4479:People's Bank of China
2813:
2791:
2765:
2743:
2717:
2559:
2506:
2505:money supply 1988–2008
2453:
2431:As of April 2013, the
2409:Modern Monetary Theory
2212:
2201:
2181:
2173:
2114:
2066:
2000:
1941:
1474:
1458:
1356:financial institutions
1319:
1318:M2 as a percent of GDP
1311:
1303:
1186:Discretionary spending
786:Mathematical economics
537:Modern monetary theory
300:Universal basic income
6414:Early 2000s recession
6381:Early 1990s recession
6333:Early 1980s recession
5913:Commercial revolution
5811:Nominal interest rate
3823:"M1 Money Multiplier"
3696:"Monetary aggregates"
2995:Debt levels and flows
2814:
2792:
2766:
2744:
2718:
2564:Reserve Bank of India
2549:
2501:
2451:
2393:Treasury Tax and Loan
2342:repurchase agreements
2302:money market accounts
2267:Federal Reserve Notes
2237:Federal Reserve Notes
2207:
2187:
2179:
2167:
2104:
2071:European Central Bank
2060:
1995:
1954:Sterling was devalued
1939:
1842:commercial bank money
1464:
1456:
1317:
1309:
1301:
626:Wesley Clair Mitchell
601:Thomas Robert Malthus
438:Development economics
5980:Copper Panic of 1789
4868:Social choice theory
4624:Behavioral economics
4607:Complexity economics
3898:. Investorwords.com.
3404:on September 4, 2012
3339:Discontinuance of M3
3249:. December 17, 2020.
3015:Full reserve banking
2916:Declining importance
2895:, who together with
2803:
2781:
2755:
2733:
2689:
2680:equation of exchange
2426:federal funds market
2312:of under $ 100,000).
1946:exchange rate regime
1926:Currency peg history
1606:of non-bank issuers
1469:money supply (red);
1465:CPI-Urban (blue) vs
363:Ramsey–Cass–Koopmans
203:Liquidity preference
6316:1973–1975 recession
6260:Post–WWII expansion
5934:Great Frost of 1709
5762:Neutrality of money
5743:Classical dichotomy
5659:Economic expansions
4952:American (National)
4652:Economic statistics
4371:www.richmondfed.org
4343:. December 16, 2015
4016:"Notes on Tables".
3829:. February 15, 1984
3274:. Moneyterms.co.uk.
3138:. December 16, 2015
2975:Capital requirement
2923:inflation targeting
2375:Bankers' Acceptance
1904:Hong Kong Basic Law
1823:. In short, in the
1479:monetary aggregates
818:Business portal
754:Macroeconomic model
631:John Maynard Keynes
428:Economic statistics
373:General equilibrium
6498:COVID-19 recession
6158:Panic of 1910–1911
5990:Panic of 1796–1797
5816:Real interest rate
5784:Economic expansion
4178:Kof Working Papers
3554:. Bank of England.
3272:M0 (monetary base)
3190:. January 31, 2023
3076:, "money supply,"
3061:. "Money supply,"
3025:Monetary economics
2809:
2787:
2761:
2739:
2713:
2560:
2507:
2454:
2215:The United States
2213:
2202:
2182:
2174:
2115:
2067:
2041:securities lending
2001:
1942:
1832:central bank money
1748:money market funds
1726:money market funds
1475:
1459:
1320:
1312:
1304:
1191:Mandatory spending
1115:Non-tariff barrier
1053:Monetary authority
706:Edward C. Prescott
433:Monetary economics
6574:
6573:
6285:Recession of 1958
6279:Recession of 1953
6273:Recession of 1949
5970:Thirteen Colonies
5777:Velocity of money
5707:Paradox of thrift
5625:
5624:
5156:New institutional
4061:978-1-84376-029-0
3964:on June 16, 2013.
3938:on June 16, 2013.
3738:on August 9, 2007
3676:Missing or empty
3604:978-1-292-36089-8
3547:McLeay, Michael.
3521:978-1-349-95121-5
3291:on March 30, 2018
3164:on April 12, 2019
3035:Money circulation
3005:Financial capital
2932:Benjamin Friedman
2812:{\displaystyle Q}
2790:{\displaystyle P}
2773:velocity of money
2764:{\displaystyle V}
2742:{\displaystyle M}
2670:According to the
2603:167.99 trillion.)
2401:Federal Reserve's
2332:: M2 + all other
1815:Creation of money
1766:
1765:
1604:Traveler's checks
1579:required reserves
1416:supported by the
1412:According to the
1296:
1295:
1237:Fiscal adjustment
854:
853:
781:Political economy
736:N. Gregory Mankiw
726:Thomas J. Sargent
571:Market monetarism
385:Endogenous growth
215:National accounts
6599:
6366:Great Regression
6361:Great Moderation
6207:Great Depression
6196:Roaring Twenties
5717:Underconsumption
5687:Effective demand
5678:Aggregate demand
5652:
5645:
5638:
5629:
5628:
4829:Natural resource
4664:Economic history
4590:Mechanism design
4542:
4535:
4528:
4519:
4518:
4510:
4509:
4498:
4497:
4496:
4489:
4412:
4411:
4409:
4407:
4397:
4389:
4383:
4382:
4380:
4378:
4368:
4359:
4353:
4352:
4350:
4348:
4333:
4327:
4326:
4324:
4322:
4307:
4301:
4300:
4298:
4296:
4282:
4276:
4275:
4257:
4233:
4227:
4226:
4224:
4222:
4207:
4201:
4200:
4198:
4196:
4169:
4160:
4157:
4151:
4150:
4148:
4146:
4136:
4127:
4121:
4120:
4102:
4084:
4072:
4066:
4065:
4054:. Edward Elgar.
4047:
4041:
4040:
4033:
4027:
4026:
4024:
4013:
4007:
4001:
3995:
3994:
3986:
3980:
3979:
3972:
3966:
3965:
3960:. Archived from
3946:
3940:
3939:
3934:. Archived from
3924:
3918:
3916:
3905:
3899:
3893:
3887:
3884:
3878:
3875:
3869:
3868:
3861:"Alternate data"
3857:
3851:
3845:
3839:
3838:
3836:
3834:
3819:
3813:
3812:
3810:
3808:
3793:
3787:
3786:
3779:
3773:
3772:
3754:
3748:
3747:
3745:
3743:
3728:
3722:
3721:
3714:
3708:
3707:
3705:
3703:
3692:
3686:
3685:
3679:
3674:
3672:
3664:
3656:
3650:
3649:
3647:
3645:
3634:
3628:
3627:
3625:
3615:
3609:
3608:
3590:
3581:
3580:
3578:
3576:
3570:
3562:
3556:
3555:
3553:
3544:
3533:
3532:
3530:
3528:
3495:
3476:
3475:
3462:
3456:
3455:
3450:
3440:
3434:
3433:
3431:
3420:
3414:
3413:
3411:
3409:
3403:
3388:
3379:
3373:
3372:
3370:
3368:
3363:on July 14, 2014
3348:
3342:
3336:
3323:
3322:
3320:
3318:
3307:
3301:
3300:
3298:
3296:
3281:
3275:
3269:
3263:
3257:
3251:
3250:
3243:
3234:
3228:
3222:
3209:
3200:
3199:
3197:
3195:
3180:
3174:
3173:
3171:
3169:
3160:. Archived from
3154:
3148:
3147:
3145:
3143:
3128:
3122:
3121:
3089:
3083:
3071:
3065:
3056:
2963:
2958:
2957:
2956:
2882:
2880:
2879:
2874:
2871:
2860:demand for money
2818:
2816:
2815:
2810:
2796:
2794:
2793:
2788:
2770:
2768:
2767:
2762:
2748:
2746:
2745:
2740:
2722:
2720:
2719:
2714:
2656:aggregate demand
2602:
2580:
2380:Money Multiplier
2352:Commercial Paper
2292:savings accounts
2284:travelers checks
2225:checking account
1932:Hong Kong dollar
1881:money multiplier
1870:government bonds
1774:
1773:
1705:for individuals
1676:Savings deposits
1502:
1501:
1490:broader measures
1438:inflation target
1383:commercial banks
1354:on the books of
1288:
1281:
1274:
1258:
1110:Gains from trade
1100:Balance of trade
979:Finance ministry
870:
856:
855:
846:
839:
832:
816:
815:
806:Money portal
804:
803:
802:
716:William Nordhaus
701:Robert Lucas Jr.
591:François Quesnay
227:Nominal rigidity
198:Demand for money
176:Microfoundations
112:Financial crisis
92:Effective demand
62:Aggregate supply
57:Aggregate demand
44:
21:
20:
6607:
6606:
6602:
6601:
6600:
6598:
6597:
6596:
6587:Monetary policy
6577:
6576:
6575:
6570:
6435:Great Recession
6427:
6425:Information Age
6419:
6368:
6364:
6355:
6308:
6306:Great Inflation
6300:
6262:
6254:
6177:
6175:Interwar period
6169:
6105:Long Depression
6097:
6093:
6084:
6044:
6040:
6031:
5946:
5938:
5915:
5907:
5872:U.S. recessions
5867:U.K. recessions
5799:U.S. expansions
5669:
5656:
5626:
5621:
5618:Business portal
5585:
5584:
5583:
5543:
5307:von Böhm-Bawerk
5195:
5194:
5185:
4957:Ancient thought
4935:
4934:
4928:
4919:
4918:
4917:
4668:
4633:
4585:Contract theory
4570:Decision theory
4551:
4546:
4516:
4504:
4494:
4492:
4484:
4475:Monetary Survey
4446:
4428:Milton Friedman
4420:
4418:Further reading
4415:
4405:
4403:
4395:
4391:
4390:
4386:
4376:
4374:
4366:
4360:
4356:
4346:
4344:
4335:
4334:
4330:
4320:
4318:
4317:. March 8, 2018
4309:
4308:
4304:
4294:
4292:
4284:
4283:
4279:
4234:
4230:
4220:
4218:
4208:
4204:
4194:
4192:
4170:
4163:
4158:
4154:
4144:
4142:
4134:
4128:
4124:
4100:10.1.1.692.6446
4082:
4076:Colander, David
4073:
4069:
4062:
4048:
4044:
4035:
4034:
4030:
4022:
4015:
4014:
4010:
4006:. Rbnz.govt.nz.
4002:
3998:
3987:
3983:
3974:
3973:
3969:
3958:Federal Reserve
3948:
3947:
3943:
3932:Federal Reserve
3926:
3925:
3921:
3907:
3906:
3902:
3894:
3890:
3885:
3881:
3876:
3872:
3865:Shadowstats.com
3859:
3858:
3854:
3846:
3842:
3832:
3830:
3821:
3820:
3816:
3806:
3804:
3795:
3794:
3790:
3781:
3780:
3776:
3769:
3755:
3751:
3741:
3739:
3730:
3729:
3725:
3716:
3715:
3711:
3701:
3699:
3694:
3693:
3689:
3677:
3675:
3666:
3665:
3658:
3657:
3653:
3643:
3641:
3636:
3635:
3631:
3616:
3612:
3605:
3591:
3584:
3574:
3572:
3568:
3564:
3563:
3559:
3551:
3545:
3536:
3526:
3524:
3522:
3496:
3479:
3464:
3463:
3459:
3448:
3442:
3441:
3437:
3429:
3422:
3421:
3417:
3407:
3405:
3401:
3391:Economic Review
3386:
3380:
3376:
3366:
3364:
3349:
3345:
3337:
3326:
3316:
3314:
3309:
3308:
3304:
3294:
3292:
3283:
3282:
3278:
3270:
3266:
3258:
3254:
3245:
3244:
3237:
3229:
3225:
3219:Wayback Machine
3210:
3203:
3193:
3191:
3182:
3181:
3177:
3167:
3165:
3156:
3155:
3151:
3141:
3139:
3130:
3129:
3125:
3090:
3086:
3082:, v. 3, p. 527.
3072:
3068:
3057:
3053:
3049:
3044:
3030:Monetary reform
2970:Bank regulation
2959:
2954:
2952:
2949:
2918:
2908:and the German
2906:Bank of England
2902:Federal Reserve
2893:Milton Friedman
2878:
2875:
2872:
2870:
2867:
2866:
2864:
2854:
2850:
2846:
2842:
2838:
2826:
2804:
2801:
2800:
2782:
2779:
2778:
2756:
2753:
2752:
2734:
2731:
2730:
2690:
2687:
2686:
2668:
2643:
2620:
2600:
2578:
2554:in billions of
2544:
2539:
2496:
2446:
2441:
2422:Federal Reserve
2280:demand deposits
2217:Federal Reserve
2162:
2157:
2134:Bank of England
2111:pounds sterling
2099:
2055:
2050:
1990:
1934:
1928:
1900:
1895:
1890:
1817:
1771:
1770:
1628:Demand deposits
1583:excess reserves
1486:Narrow measures
1451:
1445:and inflation.
1414:quantity theory
1403:monetary policy
1348:demand deposits
1342:(i.e. physical
1292:
1247:
1246:
1242:Monetary reform
1232:
1224:
1223:
1219:Price stability
1214:Economic growth
1209:Balanced budget
1204:
1196:
1195:
1176:Non-tax revenue
1171:
1170:
1150:
1149:
1140:Trade diversion
1095:
1085:
1084:
1038:Discount window
1021:
1019:Monetary policy
1011:
1010:
945:
935:
934:
880:
850:
810:
800:
798:
791:
790:
749:
741:
740:
721:Joseph Stiglitz
681:Milton Friedman
661:Friedrich Hayek
586:
576:
575:
458:
448:
447:
418:
410:
409:
395:Mundell–Fleming
390:Matching theory
328:Keynesian cross
313:
305:
304:
275:
267:
266:
52:
17:
12:
11:
5:
6605:
6595:
6594:
6589:
6572:
6571:
6569:
6568:
6567:
6566:
6561:
6556:
6554:United Kingdom
6551:
6546:
6541:
6536:
6531:
6526:
6521:
6516:
6511:
6506:
6495:
6494:
6493:
6488:
6486:United Kingdom
6483:
6478:
6473:
6468:
6463:
6458:
6453:
6448:
6443:
6431:
6429:
6428:(2007–present)
6421:
6420:
6418:
6417:
6411:
6406:
6405:
6404:
6399:
6397:United Kingdom
6394:
6389:
6378:
6372:
6370:
6357:
6356:
6354:
6353:
6352:
6351:
6346:
6344:United Kingdom
6341:
6330:
6329:
6328:
6323:
6321:United Kingdom
6312:
6310:
6302:
6301:
6299:
6298:
6293:
6288:
6282:
6276:
6270:
6266:
6264:
6256:
6255:
6253:
6252:
6247:
6246:
6245:
6240:
6238:United Kingdom
6235:
6230:
6225:
6220:
6215:
6204:
6201:
6198:
6193:
6188:
6181:
6179:
6171:
6170:
6168:
6167:
6161:
6155:
6149:
6143:
6140:
6134:
6128:
6125:
6120:
6119:
6118:
6113:
6111:United Kingdom
6101:
6099:
6086:
6085:
6083:
6082:
6076:
6070:
6067:
6061:
6058:
6052:
6048:
6046:
6033:
6032:
6030:
6029:
6023:
6020:
6017:
6011:
6008:
6002:
5999:
5996:
5993:
5987:
5977:
5974:
5973:
5972:
5967:
5962:
5950:
5948:
5940:
5939:
5937:
5936:
5931:
5926:
5919:
5917:
5909:
5908:
5906:
5905:
5904:
5903:
5893:
5892:
5891:
5886:
5876:
5875:
5874:
5869:
5864:
5859:
5854:
5849:
5844:
5839:
5829:
5828:
5827:
5818:
5813:
5803:
5802:
5801:
5796:
5791:
5781:
5780:
5779:
5774:
5769:
5764:
5759:
5750:
5745:
5740:
5726:
5724:Business cycle
5721:
5720:
5719:
5714:
5709:
5704:
5702:Overproduction
5699:
5694:
5689:
5674:
5671:
5670:
5655:
5654:
5647:
5640:
5632:
5623:
5622:
5620:
5615:
5610:
5605:
5600:
5595:
5590:
5587:
5586:
5582:
5581:
5576:
5566:
5561:
5555:
5554:
5553:
5551:
5545:
5544:
5542:
5541:
5534:
5529:
5524:
5519:
5514:
5509:
5504:
5499:
5494:
5489:
5484:
5479:
5474:
5469:
5464:
5459:
5454:
5449:
5444:
5439:
5434:
5429:
5424:
5419:
5414:
5409:
5404:
5399:
5394:
5389:
5384:
5379:
5374:
5369:
5364:
5359:
5354:
5349:
5344:
5339:
5334:
5329:
5324:
5319:
5314:
5309:
5304:
5299:
5294:
5289:
5284:
5279:
5274:
5269:
5264:
5259:
5254:
5249:
5244:
5239:
5234:
5229:
5224:
5219:
5214:
5209:
5204:
5198:
5196:
5190:
5187:
5186:
5184:
5183:
5178:
5173:
5168:
5163:
5158:
5153:
5152:
5151:
5141:
5140:
5139:
5129:
5124:
5119:
5118:
5117:
5107:
5102:
5097:
5096:
5095:
5094:
5093:
5083:
5078:
5063:
5058:
5053:
5048:
5043:
5038:
5033:
5028:
5023:
5021:Disequilibrium
5018:
5013:
5008:
5003:
4998:
4997:
4996:
4986:
4981:
4976:
4971:
4970:
4969:
4959:
4954:
4949:
4944:
4938:
4936:
4924:
4921:
4920:
4916:
4915:
4910:
4905:
4900:
4895:
4890:
4885:
4880:
4875:
4870:
4861:
4856:
4851:
4846:
4841:
4836:
4834:Organizational
4831:
4826:
4821:
4816:
4811:
4806:
4801:
4796:
4791:
4786:
4781:
4776:
4771:
4766:
4761:
4756:
4751:
4746:
4741:
4736:
4731:
4726:
4721:
4716:
4711:
4706:
4701:
4696:
4691:
4686:
4680:
4679:
4678:
4676:
4670:
4669:
4667:
4666:
4661:
4656:
4655:
4654:
4643:
4641:
4635:
4634:
4632:
4631:
4626:
4621:
4620:
4619:
4609:
4604:
4599:
4597:Macroeconomics
4594:
4593:
4592:
4587:
4582:
4577:
4572:
4565:Microeconomics
4561:
4559:
4553:
4552:
4545:
4544:
4537:
4530:
4522:
4515:
4514:
4502:
4482:
4481:
4472:
4467:
4462:
4457:
4452:
4445:
4444:External links
4442:
4441:
4440:
4435:
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4419:
4416:
4414:
4413:
4384:
4354:
4328:
4302:
4277:
4228:
4202:
4161:
4152:
4122:
4067:
4060:
4042:
4028:
4008:
3996:
3981:
3967:
3941:
3919:
3900:
3888:
3879:
3870:
3852:
3840:
3814:
3788:
3774:
3768:978-0199563388
3767:
3749:
3723:
3709:
3687:
3651:
3629:
3610:
3603:
3582:
3557:
3534:
3520:
3500:"Money Supply"
3477:
3457:
3435:
3415:
3374:
3357:Macro Strategy
3343:
3324:
3313:. Investopedia
3302:
3276:
3264:
3252:
3235:
3223:
3201:
3175:
3149:
3123:
3104:(2): 246–270.
3084:
3066:
3059:Alan Deardorff
3050:
3048:
3045:
3043:
3042:
3037:
3032:
3027:
3022:
3017:
3012:
3007:
3002:
2997:
2992:
2987:
2982:
2977:
2972:
2966:
2965:
2964:
2948:
2945:
2917:
2914:
2886:There is some
2876:
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2824:
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2295:
2273:
2248:
2161:
2160:United States
2158:
2156:
2153:
2144:
2143:
2137:
2107:United Kingdom
2098:
2097:United Kingdom
2095:
2094:
2093:
2087:
2081:
2054:
2051:
2049:
2046:
2045:
2044:
2034:
2028:
2015:
1989:
1986:
1985:
1984:
1976:
1973:
1967:
1964:
1961:
1930:Main article:
1927:
1924:
1899:
1896:
1894:
1891:
1889:
1886:
1874:treasury bills
1846:
1845:
1839:
1821:money creation
1816:
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1811:
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1799:
1793:
1787:
1777:
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1571:
1569:
1567:
1565:
1562:
1560:
1552:
1551:
1548:
1545:
1542:
1539:
1536:
1533:
1525:
1524:
1521:
1518:
1515:
1512:
1509:
1506:
1505:Type of money
1450:
1447:
1407:interest rates
1324:macroeconomics
1294:
1293:
1291:
1290:
1283:
1276:
1268:
1265:
1264:
1263:
1262:
1249:
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1172:
1169:
1168:
1163:
1157:
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1155:
1152:
1151:
1148:
1147:
1142:
1137:
1135:Trade creation
1132:
1127:
1122:
1117:
1112:
1107:
1102:
1096:
1091:
1090:
1087:
1086:
1083:
1082:
1077:
1072:
1067:
1066:
1065:
1063:currency board
1060:
1050:
1045:
1040:
1035:
1034:
1033:
1022:
1017:
1016:
1013:
1012:
1009:
1008:
1003:
1002:
1001:
991:
986:
981:
976:
971:
970:
969:
959:
958:
957:
946:
941:
940:
937:
936:
933:
932:
927:
922:
917:
912:
907:
902:
897:
892:
887:
881:
876:
875:
872:
871:
863:
862:
860:Public finance
852:
851:
849:
848:
841:
834:
826:
823:
822:
821:
820:
808:
793:
792:
789:
788:
783:
778:
776:Microeconomics
773:
772:
771:
761:
756:
750:
747:
746:
743:
742:
739:
738:
733:
728:
723:
718:
713:
708:
703:
698:
693:
691:Lawrence Klein
688:
686:Paul Samuelson
683:
678:
673:
668:
663:
658:
653:
648:
643:
641:Michał Kalecki
638:
633:
628:
623:
618:
613:
608:
603:
598:
593:
587:
582:
581:
578:
577:
574:
573:
568:
563:
561:Disequilibrium
558:
557:
556:
549:Post-Keynesian
546:
541:
540:
539:
529:
518:
517:
512:
507:
502:
497:
496:
495:
485:
480:
479:
478:
473:
459:
454:
453:
450:
449:
446:
445:
440:
435:
430:
425:
419:
417:Related fields
416:
415:
412:
411:
408:
407:
402:
397:
392:
387:
382:
381:
380:
370:
365:
360:
355:
350:
345:
343:Phillips curve
340:
335:
330:
325:
320:
314:
311:
310:
307:
306:
303:
302:
297:
292:
287:
282:
276:
273:
272:
269:
268:
265:
264:
259:
254:
249:
244:
239:
234:
229:
224:
223:
222:
212:
207:
206:
205:
195:
193:Money creation
190:
189:
188:
178:
173:
172:
171:
166:
161:
151:
149:Liquidity trap
146:
141:
136:
135:
134:
129:
119:
114:
109:
108:
107:
102:
94:
89:
84:
79:
74:
69:
67:Business cycle
64:
59:
53:
51:Basic concepts
50:
49:
46:
45:
37:
36:
34:Macroeconomics
30:
29:
15:
9:
6:
4:
3:
2:
6604:
6593:
6590:
6588:
6585:
6584:
6582:
6565:
6562:
6560:
6559:United States
6557:
6555:
6552:
6550:
6547:
6545:
6542:
6540:
6537:
6535:
6532:
6530:
6527:
6525:
6522:
6520:
6517:
6515:
6512:
6510:
6507:
6505:
6501:
6500:
6499:
6496:
6492:
6491:United States
6489:
6487:
6484:
6482:
6479:
6477:
6474:
6472:
6469:
6467:
6464:
6462:
6459:
6457:
6454:
6452:
6449:
6447:
6444:
6442:
6438:
6437:
6436:
6433:
6432:
6430:
6426:
6422:
6415:
6412:
6410:
6407:
6403:
6402:United States
6400:
6398:
6395:
6393:
6390:
6388:
6384:
6383:
6382:
6379:
6377:
6374:
6373:
6371:
6367:
6362:
6358:
6350:
6349:United States
6347:
6345:
6342:
6340:
6336:
6335:
6334:
6331:
6327:
6326:United States
6324:
6322:
6319:
6318:
6317:
6314:
6313:
6311:
6307:
6303:
6297:
6294:
6292:
6289:
6286:
6283:
6280:
6277:
6274:
6271:
6268:
6267:
6265:
6261:
6257:
6251:
6248:
6244:
6243:United States
6241:
6239:
6236:
6234:
6231:
6229:
6226:
6224:
6221:
6219:
6216:
6214:
6210:
6209:
6208:
6205:
6202:
6199:
6197:
6194:
6192:
6189:
6186:
6183:
6182:
6180:
6176:
6172:
6165:
6162:
6159:
6156:
6153:
6152:Panic of 1907
6150:
6147:
6146:Panic of 1901
6144:
6141:
6138:
6137:Panic of 1893
6135:
6132:
6131:Baring crisis
6129:
6126:
6124:
6121:
6117:
6116:United States
6114:
6112:
6108:
6107:
6106:
6103:
6102:
6100:
6096:
6091:
6087:
6080:
6077:
6074:
6073:Panic of 1866
6071:
6068:
6065:
6064:Panic of 1857
6062:
6059:
6056:
6055:Panic of 1847
6053:
6050:
6049:
6047:
6043:
6038:
6034:
6027:
6026:Panic of 1837
6024:
6021:
6018:
6015:
6014:Panic of 1825
6012:
6009:
6006:
6003:
6000:
5997:
5994:
5991:
5988:
5985:
5984:Panic of 1792
5981:
5978:
5975:
5971:
5968:
5966:
5963:
5961:
5957:
5956:
5955:
5952:
5951:
5949:
5945:
5941:
5935:
5932:
5930:
5929:Slump of 1706
5927:
5924:
5921:
5920:
5918:
5914:
5910:
5902:
5899:
5898:
5897:
5894:
5890:
5887:
5885:
5882:
5881:
5880:
5877:
5873:
5870:
5868:
5865:
5863:
5860:
5858:
5855:
5853:
5850:
5848:
5845:
5843:
5840:
5838:
5837:Balance sheet
5835:
5834:
5833:
5830:
5826:
5822:
5819:
5817:
5814:
5812:
5809:
5808:
5807:
5806:Interest rate
5804:
5800:
5797:
5795:
5792:
5790:
5787:
5786:
5785:
5782:
5778:
5775:
5773:
5770:
5768:
5765:
5763:
5760:
5758:
5754:
5751:
5749:
5746:
5744:
5741:
5739:
5736:
5735:
5734:
5730:
5727:
5725:
5722:
5718:
5715:
5713:
5710:
5708:
5705:
5703:
5700:
5698:
5695:
5693:
5690:
5688:
5685:
5684:
5683:
5679:
5676:
5675:
5672:
5668:
5664:
5660:
5653:
5648:
5646:
5641:
5639:
5634:
5633:
5630:
5619:
5616:
5614:
5611:
5609:
5606:
5604:
5601:
5599:
5596:
5594:
5591:
5588:
5580:
5577:
5574:
5570:
5567:
5565:
5562:
5560:
5557:
5556:
5552:
5550:
5546:
5540:
5539:
5535:
5533:
5530:
5528:
5525:
5523:
5520:
5518:
5515:
5513:
5510:
5508:
5505:
5503:
5500:
5498:
5495:
5493:
5490:
5488:
5485:
5483:
5480:
5478:
5475:
5473:
5470:
5468:
5465:
5463:
5460:
5458:
5455:
5453:
5450:
5448:
5445:
5443:
5440:
5438:
5435:
5433:
5430:
5428:
5425:
5423:
5420:
5418:
5415:
5413:
5410:
5408:
5405:
5403:
5400:
5398:
5395:
5393:
5390:
5388:
5385:
5383:
5380:
5378:
5375:
5373:
5370:
5368:
5365:
5363:
5360:
5358:
5355:
5353:
5350:
5348:
5345:
5343:
5340:
5338:
5335:
5333:
5330:
5328:
5325:
5323:
5320:
5318:
5315:
5313:
5310:
5308:
5305:
5303:
5300:
5298:
5295:
5293:
5290:
5288:
5285:
5283:
5280:
5278:
5275:
5273:
5270:
5268:
5265:
5263:
5260:
5258:
5255:
5253:
5250:
5248:
5245:
5243:
5240:
5238:
5235:
5233:
5230:
5228:
5225:
5223:
5220:
5218:
5215:
5213:
5210:
5208:
5205:
5203:
5202:de Mandeville
5200:
5199:
5197:
5193:
5188:
5182:
5179:
5177:
5174:
5172:
5169:
5167:
5164:
5162:
5159:
5157:
5154:
5150:
5147:
5146:
5145:
5144:New classical
5142:
5138:
5135:
5134:
5133:
5130:
5128:
5125:
5123:
5120:
5116:
5113:
5112:
5111:
5108:
5106:
5103:
5101:
5100:Malthusianism
5098:
5092:
5089:
5088:
5087:
5084:
5082:
5079:
5076:
5072:
5069:
5068:
5067:
5064:
5062:
5061:Institutional
5059:
5057:
5054:
5052:
5049:
5047:
5044:
5042:
5039:
5037:
5034:
5032:
5029:
5027:
5024:
5022:
5019:
5017:
5014:
5012:
5009:
5007:
5004:
5002:
4999:
4995:
4992:
4991:
4990:
4987:
4985:
4982:
4980:
4977:
4975:
4972:
4968:
4965:
4964:
4963:
4960:
4958:
4955:
4953:
4950:
4948:
4945:
4943:
4940:
4939:
4937:
4932:
4927:
4922:
4914:
4911:
4909:
4906:
4904:
4901:
4899:
4896:
4894:
4891:
4889:
4886:
4884:
4881:
4879:
4876:
4874:
4871:
4869:
4865:
4864:Public choice
4862:
4860:
4857:
4855:
4852:
4850:
4847:
4845:
4842:
4840:
4839:Participation
4837:
4835:
4832:
4830:
4827:
4825:
4822:
4820:
4817:
4815:
4812:
4810:
4807:
4805:
4802:
4800:
4799:Institutional
4797:
4795:
4792:
4790:
4787:
4785:
4782:
4780:
4777:
4775:
4772:
4770:
4767:
4765:
4762:
4760:
4757:
4755:
4752:
4750:
4749:Expeditionary
4747:
4745:
4742:
4740:
4739:Environmental
4737:
4735:
4732:
4730:
4727:
4725:
4722:
4720:
4717:
4715:
4712:
4710:
4707:
4705:
4702:
4700:
4697:
4695:
4692:
4690:
4687:
4685:
4682:
4681:
4677:
4675:
4671:
4665:
4662:
4660:
4657:
4653:
4650:
4649:
4648:
4645:
4644:
4642:
4640:
4636:
4630:
4627:
4625:
4622:
4618:
4615:
4614:
4613:
4610:
4608:
4605:
4603:
4600:
4598:
4595:
4591:
4588:
4586:
4583:
4581:
4578:
4576:
4573:
4571:
4568:
4567:
4566:
4563:
4562:
4560:
4558:
4554:
4550:
4543:
4538:
4536:
4531:
4529:
4524:
4523:
4520:
4513:
4508:
4503:
4501:
4491:
4490:
4487:
4480:
4476:
4473:
4471:
4468:
4466:
4463:
4461:
4458:
4456:
4453:
4451:
4448:
4447:
4439:
4436:
4434:
4431:
4429:
4425:
4422:
4421:
4401:
4394:
4388:
4372:
4365:
4358:
4342:
4338:
4332:
4316:
4312:
4306:
4291:
4287:
4281:
4273:
4269:
4265:
4261:
4256:
4251:
4247:
4243:
4239:
4232:
4217:
4213:
4206:
4191:
4187:
4183:
4179:
4175:
4168:
4166:
4156:
4140:
4133:
4126:
4118:
4114:
4110:
4106:
4101:
4096:
4092:
4088:
4081:
4077:
4071:
4063:
4057:
4053:
4046:
4038:
4032:
4021:
4020:
4012:
4005:
4000:
3992:
3985:
3977:
3971:
3963:
3959:
3955:
3951:
3945:
3937:
3933:
3929:
3923:
3914:
3910:
3904:
3897:
3892:
3883:
3874:
3866:
3862:
3856:
3849:
3844:
3828:
3824:
3818:
3802:
3800:
3792:
3784:
3778:
3770:
3764:
3760:
3753:
3737:
3733:
3727:
3719:
3713:
3697:
3691:
3683:
3670:
3662:
3655:
3639:
3633:
3624:
3623:
3614:
3606:
3600:
3596:
3589:
3587:
3567:
3561:
3550:
3543:
3541:
3539:
3523:
3517:
3513:
3509:
3505:
3501:
3494:
3492:
3490:
3488:
3486:
3484:
3482:
3474:
3469:
3468:
3461:
3454:
3447:
3446:
3439:
3428:
3427:
3419:
3400:
3396:
3392:
3385:
3378:
3362:
3358:
3354:
3347:
3340:
3335:
3333:
3331:
3329:
3312:
3306:
3290:
3286:
3280:
3273:
3268:
3261:
3260:M3 Definition
3256:
3248:
3242:
3240:
3232:
3227:
3220:
3216:
3213:
3208:
3206:
3189:
3185:
3179:
3163:
3159:
3153:
3137:
3133:
3127:
3119:
3115:
3111:
3107:
3103:
3099:
3095:
3088:
3081:
3080:
3075:
3070:
3064:
3060:
3055:
3051:
3041:
3038:
3036:
3033:
3031:
3028:
3026:
3023:
3021:
3018:
3016:
3013:
3011:
3008:
3006:
3003:
3001:
2998:
2996:
2993:
2991:
2988:
2986:
2983:
2981:
2978:
2976:
2973:
2971:
2968:
2967:
2962:
2951:
2944:
2941:
2935:
2933:
2929:
2924:
2913:
2911:
2907:
2903:
2898:
2897:Anna Schwartz
2894:
2889:
2884:
2861:
2856:
2834:
2830:
2806:
2799:
2784:
2777:
2774:
2758:
2751:
2736:
2729:
2728:
2727:
2710:
2707:
2704:
2701:
2698:
2695:
2692:
2685:
2684:
2683:
2681:
2677:
2676:Irving Fisher
2673:
2663:
2659:
2657:
2653:
2648:
2638:
2636:
2633:
2629:
2626:
2612:
2608:
2605:
2598:
2595:
2592:
2589:
2586:
2583:
2576:
2572:
2571:Reserve money
2569:
2568:
2567:
2565:
2558:for 1950–2011
2557:
2553:
2548:
2531:
2528:
2525:
2522:
2519:
2516:
2515:
2514:
2512:
2504:
2500:
2488:
2485:
2482:
2479:
2476:
2473:
2470:
2466:
2463:
2462:
2461:
2459:
2450:
2436:
2434:
2433:monetary base
2429:
2427:
2423:
2417:
2414:
2413:fiat currency
2410:
2406:
2402:
2396:
2394:
2388:
2381:
2378:
2376:
2372:
2369:
2366:
2362:
2358:
2355:
2353:
2349:
2346:
2343:
2339:
2335:
2331:
2328:
2325:
2321:
2317:
2314:
2311:
2307:
2303:
2299:
2296:
2293:
2289:
2285:
2281:
2277:
2274:
2272:
2268:
2264:
2260:
2256:
2252:
2249:
2246:
2242:
2238:
2234:
2231:
2230:
2229:
2226:
2222:
2218:
2211:
2206:
2199:
2195:
2191:
2190:Black Tuesday
2186:
2178:
2171:
2166:
2155:North America
2152:
2150:
2141:
2138:
2135:
2131:
2128:
2127:
2126:
2124:
2120:
2119:monetary base
2112:
2108:
2103:
2091:
2088:
2085:
2082:
2079:
2076:
2075:
2074:
2072:
2064:
2059:
2042:
2038:
2035:
2032:
2029:
2027:
2023:
2019:
2016:
2013:
2010:
2009:
2008:
2006:
2005:Bank of Japan
1998:
1994:
1982:
1977:
1974:
1972:
1968:
1965:
1962:
1959:
1955:
1951:
1950:
1949:
1947:
1938:
1933:
1923:
1919:
1917:
1913:
1909:
1905:
1885:
1882:
1877:
1875:
1871:
1865:
1861:
1859:
1855:
1851:
1843:
1840:
1837:
1833:
1830:
1829:
1828:
1826:
1822:
1809:
1806:
1803:
1800:
1797:
1794:
1791:
1788:
1785:
1784:monetary base
1781:
1778:
1775:
1768:
1767:
1761:
1759:
1757:
1755:
1753:
1751:
1749:
1745:
1744:
1741:
1738:
1736:
1734:
1732:
1730:
1727:
1723:
1722:
1719:
1716:
1713:
1711:
1709:
1707:
1704:
1700:
1699:Time deposits
1697:
1696:
1692:
1689:
1686:
1683:
1681:
1679:
1677:
1674:
1673:
1669:
1666:
1663:
1660:
1658:
1656:
1653:
1649:
1648:
1644:
1641:
1638:
1635:
1633:
1631:
1629:
1626:
1625:
1621:
1618:
1615:
1612:
1610:
1608:
1605:
1602:
1601:
1598:
1596:
1594:
1592:
1589:
1587:
1584:
1580:
1576:
1575:
1572:
1570:
1568:
1566:
1563:
1561:
1558:
1554:
1553:
1549:
1546:
1543:
1540:
1537:
1534:
1531:
1527:
1526:
1522:
1519:
1516:
1513:
1510:
1507:
1504:
1503:
1500:
1498:
1493:
1491:
1487:
1482:
1480:
1472:
1468:
1463:
1455:
1446:
1444:
1439:
1433:
1431:
1427:
1423:
1419:
1415:
1410:
1408:
1404:
1400:
1396:
1392:
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1379:
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1373:
1369:
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1357:
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1349:
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1325:
1316:
1308:
1300:
1289:
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1234:
1228:
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1220:
1217:
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1199:
1192:
1189:
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1179:
1177:
1174:
1173:
1167:
1164:
1162:
1159:
1158:
1154:
1153:
1146:
1143:
1141:
1138:
1136:
1133:
1131:
1128:
1126:
1123:
1121:
1120:Protectionism
1118:
1116:
1113:
1111:
1108:
1106:
1103:
1101:
1098:
1097:
1094:
1089:
1088:
1081:
1078:
1076:
1073:
1071:
1070:Monetary base
1068:
1064:
1061:
1059:
1056:
1055:
1054:
1051:
1049:
1048:Interest rate
1046:
1044:
1043:Gold reserves
1041:
1039:
1036:
1032:
1029:
1028:
1027:
1026:Bank reserves
1024:
1023:
1020:
1015:
1014:
1007:
1004:
1000:
997:
996:
995:
992:
990:
987:
985:
982:
980:
977:
975:
972:
968:
965:
964:
963:
960:
956:
953:
952:
951:
948:
947:
944:
943:Fiscal policy
939:
938:
931:
928:
926:
923:
921:
918:
916:
913:
911:
908:
906:
903:
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893:
891:
888:
886:
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882:
879:
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873:
869:
865:
864:
861:
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857:
847:
842:
840:
835:
833:
828:
827:
825:
824:
819:
814:
809:
807:
797:
796:
795:
794:
787:
784:
782:
779:
777:
774:
770:
767:
766:
765:
762:
760:
757:
755:
752:
751:
745:
744:
737:
734:
732:
729:
727:
724:
722:
719:
717:
714:
712:
711:Peter Diamond
709:
707:
704:
702:
699:
697:
696:Edmund Phelps
694:
692:
689:
687:
684:
682:
679:
677:
674:
672:
671:Richard Stone
669:
667:
664:
662:
659:
657:
656:Joan Robinson
654:
652:
651:Simon Kuznets
649:
647:
646:Gunnar Myrdal
644:
642:
639:
637:
634:
632:
629:
627:
624:
622:
621:Irving Fisher
619:
617:
616:Knut Wicksell
614:
612:
609:
607:
604:
602:
599:
597:
594:
592:
589:
588:
585:
580:
579:
572:
569:
567:
564:
562:
559:
555:
552:
551:
550:
547:
545:
542:
538:
535:
534:
533:
530:
528:
525:
524:
523:
522:
516:
513:
511:
508:
506:
503:
501:
498:
494:
491:
490:
489:
488:New classical
486:
484:
481:
477:
474:
472:
469:
468:
467:
464:
463:
462:
457:
452:
451:
444:
441:
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309:
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281:
278:
277:
271:
270:
263:
260:
258:
255:
253:
250:
248:
245:
243:
242:Shrinkflation
240:
238:
235:
233:
230:
228:
225:
221:
218:
217:
216:
213:
211:
208:
204:
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174:
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167:
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152:
150:
147:
145:
142:
140:
139:Interest rate
137:
133:
130:
128:
125:
124:
123:
120:
118:
115:
113:
110:
106:
103:
101:
98:
97:
96:Expectations
95:
93:
90:
88:
85:
83:
80:
78:
75:
73:
70:
68:
65:
63:
60:
58:
55:
54:
48:
47:
43:
39:
38:
35:
32:
31:
27:
23:
22:
19:
6476:South Africa
6233:South Africa
6079:Black Friday
5896:Unemployment
5753:Money supply
5752:
5748:Disinflation
5692:General glut
5613:Publications
5569:Publications
5536:
5132:Neoclassical
5122:Mercantilism
5031:Evolutionary
4893:Sociological
4866: /
4764:Geographical
4744:Evolutionary
4719:Digitization
4684:Agricultural
4647:Econometrics
4575:Price theory
4406:September 3,
4404:. Retrieved
4399:
4387:
4377:September 3,
4375:. Retrieved
4370:
4357:
4345:. Retrieved
4340:
4331:
4319:. Retrieved
4314:
4305:
4295:September 3,
4293:. Retrieved
4289:
4280:
4245:
4241:
4231:
4219:. Retrieved
4215:
4205:
4195:September 3,
4193:. Retrieved
4181:
4177:
4155:
4145:September 3,
4143:. Retrieved
4138:
4125:
4090:
4086:
4070:
4051:
4045:
4031:
4025:. p. 4.
4018:
4011:
3999:
3984:
3970:
3962:the original
3953:
3944:
3936:the original
3922:
3912:
3903:
3891:
3882:
3873:
3864:
3855:
3843:
3831:. Retrieved
3826:
3817:
3807:December 11,
3805:. Retrieved
3798:
3791:
3777:
3758:
3752:
3740:. Retrieved
3736:the original
3726:
3712:
3702:November 20,
3700:. Retrieved
3690:
3678:|title=
3654:
3644:November 20,
3642:. Retrieved
3632:
3626:. Issuu.com.
3621:
3613:
3594:
3575:September 1,
3573:. Retrieved
3560:
3525:. Retrieved
3503:
3471:
3466:
3460:
3452:
3444:
3438:
3425:
3418:
3406:. Retrieved
3399:the original
3394:
3390:
3377:
3365:. Retrieved
3361:the original
3356:
3346:
3315:. Retrieved
3305:
3293:. Retrieved
3289:the original
3279:
3267:
3255:
3226:
3192:. Retrieved
3187:
3178:
3166:. Retrieved
3162:the original
3152:
3140:. Retrieved
3135:
3126:
3101:
3097:
3087:
3077:
3074:Karl Brunner
3069:
3054:
3040:Money market
2985:Chicago plan
2961:Money portal
2936:
2928:Paul Volcker
2919:
2885:
2857:
2822:
2725:
2669:
2660:
2658:and output.
2644:
2621:
2606:
2596:
2590:
2584:
2574:
2570:
2561:
2529:
2523:
2517:
2508:
2486:
2480:
2474:
2464:
2455:
2430:
2418:
2397:
2391:created the
2389:
2385:
2379:
2370:
2356:
2347:
2329:
2315:
2297:
2275:
2250:
2232:
2214:
2145:
2139:
2129:
2116:
2089:
2083:
2077:
2068:
2036:
2030:
2017:
2011:
2002:
1983:revaluation.
1944:Hong Kong's
1943:
1920:
1911:
1901:
1878:
1866:
1862:
1860:component.
1857:
1853:
1849:
1847:
1841:
1831:
1818:
1807:
1801:
1795:
1789:
1779:
1769:
1496:
1494:
1483:
1478:
1476:
1434:
1430:money demand
1411:
1380:
1375:
1371:
1367:
1364:central bank
1331:
1328:money supply
1327:
1321:
1093:Trade policy
1080:Money supply
1079:
1058:central bank
1031:requirements
984:Fiscal union
885:Agricultural
731:Paul Krugman
676:Hyman Minsky
636:Alvin Hansen
520:
519:
460:
423:Econometrics
400:Overshooting
353:Harrod–Domar
348:Arrow–Debreu
295:Central bank
262:Unemployment
252:Supply shock
210:Money supply
209:
87:Disinflation
82:Demand shock
18:
6544:New Zealand
6502:2020–2022;
6466:New Zealand
6439:2007–2009;
6385:1990–1991;
6369:(1982–2007)
6337:1980–1982;
6309:(1973–1982)
6287:(1957–1958)
6281:(1953–1954)
6275:(1948–1949)
6263:(1945–1973)
6228:New Zealand
6211:1929–1939;
6187:(1918–1919)
6178:(1918–1939)
6160:(1910–1912)
6154:(1907–1908)
6148:(1902–1904)
6139:(1893–1897)
6133:(1890–1891)
6109:1873–1879;
6098:(1870–1914)
6081:(1869–1870)
6075:(1865–1867)
6066:(1857–1858)
6057:(1847–1848)
6045:(1840–1870)
6016:(1825–1826)
6007:(1815–1821)
5992:(1796–1799)
5986:(1789–1793)
5958:1772–1774;
5947:(1760–1840)
5925:(1430–1490)
5923:Great Slump
5916:(1000–1760)
5862:Stagflation
5821:Yield curve
5767:Price level
5407:von Neumann
5176:Supply-side
5161:Physiocracy
5105:Marginalism
4794:Information
4734:Engineering
4714:Development
4709:Demographic
4580:Game theory
4557:Theoretical
4290:www.imf.org
4216:Azizonomics
3833:December 3,
2682:from 1911:
2641:IS-LM model
2628:IS-LM model
2503:New Zealand
2494:New Zealand
2481:Broad money
2338:eurodollars
2123:broad money
2022:quasi-money
1332:money stock
1181:Tax revenue
611:Léon Walras
505:Supply-side
338:Accelerator
247:Stagflation
232:Price level
127:Demand-pull
6581:Categories
6509:Bangladesh
6446:Bangladesh
6090:Gilded Age
5842:Depression
5794:Stagnation
5564:Economists
5437:Schumacher
5342:Schumpeter
5312:von Wieser
5232:von Thünen
5192:Economists
5091:Circuitism
5056:Humanistic
5051:Historical
5026:Ecological
5016:Democratic
4989:Chartalism
4979:Behavioral
4942:Mainstream
4903:Statistics
4898:Solidarity
4819:Managerial
4784:Humanistic
4779:Historical
4724:Ecological
4689:Behavioral
4321:August 12,
3976:"Glossary"
3742:August 13,
3527:August 29,
3194:August 20,
3142:August 16,
3047:References
2980:Chartalism
2910:Bundesbank
2652:investment
2647:John Hicks
2632:monetarist
2537:South Asia
2487:Money base
2020:: M1 plus
1557:vault cash
1471:recessions
1443:employment
1418:monetarist
1385:, whereas
1130:Trade bloc
1105:Free trade
930:Policy mix
905:Investment
900:Industrial
666:John Hicks
596:Adam Smith
554:Circuitism
544:Ecological
532:Chartalism
483:Monetarism
461:Mainstream
358:Solow–Swan
333:Multiplier
290:Commercial
186:Endogenous
144:Investment
6592:Inflation
6549:Singapore
6504:Australia
6481:Sri Lanka
6441:Australia
6387:Australia
6213:Australia
6203:1926–1927
6200:1923–1924
6166:(1913–14)
6142:1899–1900
5998:1807–1810
5995:1802–1804
5976:1785–1788
5901:Sahm rule
5832:Recession
5733:Inflation
5729:Deflation
5482:Greenspan
5447:Samuelson
5427:Galbraith
5397:Tinbergen
5337:von Mises
5332:Heckscher
5292:Edgeworth
5171:Stockholm
5166:Socialist
5066:Keynesian
5046:Happiness
5006:Classical
4967:Mutualism
4962:Anarchist
4947:Heterodox
4844:Personnel
4804:Knowledge
4769:Happiness
4759:Financial
4729:Education
4704:Democracy
4639:Empirical
4549:Economics
4272:236417850
4264:1697-5731
4139:lse.ac.uk
4095:CiteSeerX
3759:Economics
3118:158727007
2888:empirical
2708:×
2696:×
2625:Keynesian
2444:Australia
2324:inflation
2304:, retail
2198:bank runs
1898:Hong Kong
1893:East Asia
1426:inflation
1391:banknotes
764:Economics
606:Karl Marx
521:Heterodox
500:Stockholm
466:Keynesian
237:Recession
132:Cost-push
122:Inflation
77:Deflation
6534:Malaysia
6519:Botswana
6471:Pakistan
6461:Malaysia
5965:Scotland
5825:Inverted
5789:Recovery
5593:Category
5573:journals
5559:Glossary
5512:Stiglitz
5477:Rothbard
5457:Buchanan
5442:Friedman
5432:Koopmans
5422:Leontief
5402:Robinson
5287:Marshall
5137:Lausanne
5041:Georgism
5036:Feminist
4984:Buddhist
4974:Austrian
4873:Regional
4849:Planning
4824:Monetary
4754:Feminist
4699:Cultural
4694:Business
4512:Business
4347:July 31,
4221:April 2,
4078:(2004).
3669:cite web
3408:April 2,
3367:April 2,
3317:July 20,
3295:July 20,
3215:Archived
3168:July 20,
2947:See also
2833:velocity
2829:identity
2630:and the
2405:Ron Paul
2359:: M4- +
2320:velocity
2263:US Notes
2241:US Notes
2192:and the
2149:illiquid
2053:Eurozone
2031:M3 + CDs
2018:M2 + CDs
1997:Japanese
1981:renminbi
1912:de facto
1906:and the
1836:currency
1530:currency
1387:currency
1166:Spending
994:Spending
967:internal
925:Monetary
890:Economic
878:Policies
748:See also
527:Austrian
285:Monetary
274:Policies
105:Rational
100:Adaptive
26:a series
24:Part of
6539:Namibia
6127:1887–88
6069:1860–61
6060:1853–54
6051:1845–46
6022:1833–34
6019:1828–29
6010:1822–23
5960:England
5852:Rolling
5738:Chronic
5608:Outline
5579:Schools
5571: (
5532:Piketty
5527:Krugman
5392:Kuznets
5382:Kalecki
5357:Polanyi
5247:Cournot
5242:Bastiat
5227:Ricardo
5217:Malthus
5207:Quesnay
5110:Marxian
5001:Chicago
4931:history
4926:Schools
4913:Welfare
4883:Service
4674:Applied
4486:Portals
4117:6705939
2881:
2865:
2439:Oceania
2365:T-Bills
2361:T-Bills
2350:: M3 +
2300:: M1 +
2290:+ most
1971:floated
1473:in gray
1362:or the
1203:Optimum
1161:Revenue
999:deficit
989:Revenue
769:Applied
566:Marxian
456:Schools
6564:Zambia
6524:Canada
6514:Belize
6451:Canada
6416:(2001)
6392:Canada
6339:Canada
6218:Canada
5889:Supply
5884:Demand
5857:Shapes
5847:Global
5757:demand
5682:Supply
5517:Thaler
5497:Ostrom
5492:Becker
5487:Sowell
5467:Baumol
5372:Myrdal
5367:Sraffa
5362:Frisch
5352:Knight
5347:Keynes
5322:Fisher
5317:Veblen
5302:Pareto
5282:Menger
5277:George
5272:Jevons
5267:Walras
5257:Gossen
5181:Thermo
4859:Public
4854:Policy
4809:Labour
4774:Health
4270:
4262:
4115:
4097:
4058:
3765:
3601:
3518:
3116:
2904:, the
2726:where
2208:M2 vs
2048:Europe
1956:, the
1952:1967:
1422:causal
1352:assets
1346:) and
1260:Portal
1231:Reform
1125:Tariff
955:policy
950:Budget
920:Fiscal
910:Social
895:Energy
584:People
312:Models
280:Fiscal
257:Saving
117:Growth
6529:India
6456:India
6223:India
5879:Shock
5697:Model
5603:Lists
5598:Index
5549:Lists
5522:Hoppe
5507:Lucas
5472:Solow
5462:Arrow
5452:Simon
5417:Lange
5412:Hicks
5387:Röpke
5377:Hayek
5327:Pigou
5297:Clark
5212:Smith
5127:Mixed
5086:Post-
4908:Urban
4888:Socio
4878:Rural
4500:Money
4477:from
4396:(PDF)
4367:(PDF)
4268:S2CID
4248:(5).
4135:(PDF)
4113:S2CID
4083:(PDF)
4023:(PDF)
3569:(PDF)
3552:(PDF)
3449:(PDF)
3430:(PDF)
3402:(PDF)
3387:(PDF)
3114:S2CID
2556:Rupee
2552:India
2542:India
2259:Coins
2245:Coins
1988:Japan
1854:M1–M3
1399:loans
1395:coins
1336:money
915:Trade
405:NAIRU
323:AD–AS
318:IS–LM
181:Money
6269:1945
6001:1812
5665:and
5661:and
5538:more
5262:Marx
5252:Mill
5237:List
5115:Neo-
5071:Neo-
4408:2023
4379:2023
4349:2023
4323:2023
4297:2023
4260:ISSN
4223:2013
4197:2023
4147:2023
4056:ISBN
3835:2015
3809:2013
3763:ISBN
3744:2007
3704:2016
3682:help
3646:2016
3599:ISBN
3577:2023
3529:2023
3516:ISBN
3410:2013
3369:2013
3319:2008
3311:"M2"
3297:2008
3285:"M0"
3196:2023
3170:2008
3144:2023
2562:The
2509:The
2456:The
2340:and
2286:and
2223:and
2170:Link
2069:The
2063:euro
2061:The
2024:and
2003:The
1902:The
1746:All
1581:and
1523:MZM
1393:and
1344:cash
1330:(or
962:Debt
471:Neo-
378:DSGE
72:CAGR
5502:Sen
5222:Say
5081:New
4814:Law
4426:by
4250:doi
4186:doi
4182:196
4105:doi
3508:doi
3106:doi
2883:).
2839:by
2678:'s
2348:M4-
2334:CDs
2316:MZM
2210:CPI
2026:CDs
1958:peg
1872:or
1808:MZM
1520:M3
1517:M2
1514:M1
1511:MB
1508:M0
1322:In
1006:Tax
476:New
220:SNA
169:NNI
164:GNI
159:GDP
6583::
4398:.
4369:.
4339:.
4313:.
4288:.
4266:.
4258:.
4246:39
4244:.
4240:.
4214:.
4180:.
4176:.
4164:^
4137:.
4111:.
4103:.
4091:36
4089:.
4085:.
3956:.
3952:.
3930:.
3911:.
3863:.
3825:.
3673::
3671:}}
3667:{{
3585:^
3537:^
3514:.
3502:.
3480:^
3395:32
3393:.
3389:.
3355:.
3327:^
3238:^
3204:^
3186:.
3134:.
3112:.
3102:29
3100:.
3096:.
2849:PQ
2837:PQ
2775:),
2654:,
2637:.
2613:).
2607:M4
2597:M3
2591:M2
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