Money supply - Knowledge

1465: 1875:

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.

879: 2558: 2196: 1310: 53: 1318: 2510: 1473: 1887:. 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. 1948: 2460: 1326: 2004: 2216: 1267: 4506: 2966: 812: 2113: 2069: 2932:

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

2610:(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. 4518: 824: 2176: 2153:: 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. 2239:

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:

2398:

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.

2588:): 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 2188: 1439:. 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 2409:

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,

2672:

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

2426:

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.

1874:

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.

2660:

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

2543:: 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 2931:

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

2397:

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

1989:

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

1878:

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

2401:

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

1932:

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,

2948:

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

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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

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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

2238:

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

2406:(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. 1894:

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.

1510:"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: 2949:

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

1451:

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

1446:

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

2901:

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

2910:

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

2418:(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." 2873:

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

3484:

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.

2393:: 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. 2953:

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.

2936:

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

2147:. (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.) 2430:

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

2157:

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

5660: 1879:

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

2854:. 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 1492:. 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.). 1921:

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

2230:

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

1933:

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.

2537:: 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 2050:: 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 5653: 1389:, 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. 1797:

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.

1408:) 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 2732: 2598:: 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. 1815:: 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. 5646: 6564: 3363: 1468:

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).

6569: 2500:: 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. 1464: 1971:

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

2685:, 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 2846:

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

6554: 2828: 2806: 2780: 2758: 3576: 6544: 3010: 769: 6534: 6539: 3559: 5809: 5669: 2531:: notes and coins held by the public plus chequeable deposits, minus inter-institutional chequeable deposits, and minus central government deposits 854: 5638: 4475: 4374: 4434: 2414:

decision to cease publishing M3 statistics and have urged the U.S. Congress to take steps requiring the Federal Reserve to do so. Congressman

3394: 6052: 5677: 5623: 5579: 3089: 2945:, the number of central banks that actively seek to influence money supply as an element of their monetary policy is shrinking to zero. 4001: 6412: 6359: 3742: 1787:: In some countries, such as the United Kingdom, M0 includes bank reserves, so M0 is referred to as the monetary base, or narrow money. 1890:

In some economics textbooks, the supply-demand equilibrium in the markets for money and reserves is represented by a simple so-called

6270: 5877: 3371: 1296: 2661:

central bank conducts monetary policy by increasing or decreasing the money supply, which affects interest rates and consequently

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held by the public at a particular point in time. There are several ways to define "money", but standard measures usually include

5882: 5673: 3168: 2950: 3960: 6248: 5980: 5975: 5970: 5964: 2488:: M1 plus all other bank deposits from the private non-bank sector, plus bank certificate of deposits, less inter-bank deposits 2298: 1662: 388: 164: 4222: 6253: 5782: 4321: 4070: 3613: 3530: 2621: 2097:: M1 plus deposits with an agreed maturity up to two years plus deposits redeemable at a period of notice up to three months. 3793: 3631: 1420:, the money supply is ultimately determined by complex interactions between non-banks, commercial banks and central banks. 6501: 4249:"Determinants of Management of Central Bank to Provide the Economic Growth: an Application of Structural Equation Modeling" 3464:

Contemporary monetary systems are based on the mutually reinforcing roles of central bank money and commercial bank monies.

3020: 1488:

There are several standard measures of the money supply, classified along a spectrum or continuum between narrow and broad

847: 3938: 4627: 4550: 3295: 2435:("Fed") accounts are interchangeable (both are obligations of the Fed). Reserves may come from any source, including the 6397: 3777: 3225: 3104: 525: 373: 17: 2866:

is required in order for the equation of exchange to be useful as a macroeconomics model or as a predictor of prices.

4142: 2410:

the costs to collect M3 data outweighed the benefits the data provided. Some politicians have spoken out against the

2269: 2255: 1412:

are consequently important determinants of money supply changes. As these decisions are influenced by central banks'

1495:

This continuum corresponds to the way that different types of money are more or less controlled by monetary policy.

6243: 3728: 3194: 466: 4090: 3648: 2044:: M2 + CDs plus deposits of post offices; other savings and deposits with financial institutions; and money trusts 6461: 5668: 840: 6195: 5061: 4296: 3510: 2494:: M3 plus borrowings from the private sector by NBFIs, less the latter's holdings of currency and bank deposits 2103:: M2 plus repurchase agreements plus money market fund (MMF) shares/units, plus debt securities up to two years 1918: 2258:. It is not relevant whether the currency is held inside or outside of the private banking system as reserves. 6223: 5939: 5031: 5021: 4714: 1370: 571: 378: 5242: 4170:

The Purchasing Power of Money, its Determination and Relation to Credit, Interest and Crises, Irving Fisher.

3000: 6105: 5181: 5154: 1289: 510: 498: 4403: 1539:

Notes and coins in circulation (outside Federal Reserve Banks and the vaults of depository institutions) (

6419: 6201: 6133: 5608: 5589: 5166: 5011: 4977: 4962: 4941: 4936: 2699: 2521: 400: 230: 154: 82: 4047: 3692: 2384:: The broadest measure of liquidity, that the Federal Reserve no longer tracks. L is very close to M4 + 1392:

Even for narrow aggregates like M1, by far the largest part of the money supply consists of deposits in

6476: 6451: 6306: 6301: 6260: 6228: 6015: 5933: 5583: 5159: 4849: 4839: 4496: 3030: 2175: 1968: 1835: 520: 503: 383: 4480: 4014: 6496: 6486: 6233: 4729: 4489: 4184: 2468: 1964: 984: 405: 4404:"Real M2 and Its Impact on The Conference Board Leading Economic Index® (LEI) for the United States" 4110: 3223:"Gold, Oil, Stocks, Investments, Currencies, and the Federal Reserve: Growth of Global Money Supply" 2604:: M1 plus savings deposits with post office savings banks. M2 was 879 per cent of M0 in August 2017. 2557: 6597: 6386: 6174: 5613: 5559: 5302: 5257: 5096: 4967: 4844: 3706: 3084: 2682: 2645: 2281: 2265: 1821:: Money with zero maturity. It measures the supply of financial assets redeemable at par on demand. 594: 559: 395: 5317: 6491: 6481: 6471: 6466: 6456: 6336: 6331: 6326: 5847: 5267: 5101: 5091: 5081: 5071: 4809: 4799: 4759: 4749: 4622: 4543: 4470: 3476: 3409: 2923:

officially followed a monetary policy objective of increasing the money supply in a stable way.

2479: 2231: 1926: 1282: 564: 486: 481: 453: 36: 1809:: Represents M1 and "close substitutes" for M1. M2 is a broader classification of money than M1. 6238: 6168: 6000: 5437: 5282: 5142: 5085: 5041: 5004: 4754: 4694: 4669: 4639: 4612: 4105: 3968: 3942: 2839: 2419: 2385: 2344: 2320: 2195: 2036: 1981: 1350: 1196: 796: 547: 363: 358: 343: 310: 169: 4028: 2289:: The total amount of M0 (cash/coin) outside of the private banking system plus the amount of 6424: 6407: 6402: 6391: 6354: 6349: 6343: 5954: 5923: 5821: 5569: 5252: 5227: 5212: 5186: 5125: 4804: 4744: 4724: 4719: 3005: 2574: 2403: 2204: 2081: 1366: 636: 611: 515: 448: 174: 137: 115: 110: 4460: 4448: 3972: 3746: 2329:: 'Money Zero Maturity' is one of the most popular aggregates in use by the Fed because its 1309: 5990: 5835: 5618: 5322: 5066: 5036: 4989: 4952: 4878: 4829: 4794: 4734: 4699: 4634: 4617: 3025: 2942: 2690: 2352: 2312: 2294: 2277: 2247: 2220: 1956: 1713: 1614: 554: 368: 213: 4567: 3073: 8: 6089: 5944: 5852: 5804: 5772: 5753: 5548: 5357: 5176: 5076: 5056: 5016: 4972: 4957: 4913: 4854: 4779: 4769: 4739: 4662: 4248: 4063:

An Eponymous Dictionary of Economics: A Guide to Laws and Theorems Named after Economists

3434:"The coexistence of central and commercial bank monies: multiple issuers, one currency". 2985: 2933: 1914: 1496: 1317: 1176: 1041: 1004: 895: 764: 641: 476: 438: 179: 142: 5217: 4649: 4247:

Sysoyeva, Larysa; Bielova, Inna; Ryabushka, Luidmila; Demikhov, Oleksii (May 29, 2021).

3671: 3349: 3105:"Wilhelm Lautenbach's credit mechanics – a precursor to the current money supply debate" 2838:, omitting the role of all other transactions. Either way, the equation in itself is an 878: 601: 6602: 6574: 6559: 6549: 6529: 6524: 6519: 6514: 6508: 5826: 5794: 5603: 5574: 5532: 5337: 5046: 5026: 4994: 4908: 4903: 4883: 4834: 4774: 4764: 4709: 4704: 4536: 4278: 4123: 3919: 3124: 3035: 2813: 2791: 2765: 2743: 2273: 2251: 2051: 1758: 1736: 1201: 1171: 1125: 1063: 999: 716: 443: 410: 348: 4347: 3946: 3172: 3142: 2076:

money supplies M0, M1, M2 and M3, and euro zone GDP from 1980–2021. Logarithmic scale.

6295: 6289: 6283: 5889: 5862: 5799: 5787: 5748: 5717: 5467: 5442: 5352: 5232: 5120: 4923: 4859: 4824: 4814: 4684: 4282: 4270: 4066: 3773: 3679: 3609: 3526: 3128: 3045: 3015: 2843: 2783: 2509: 2330: 2316: 1589: 1266: 1247: 1155: 1103: 960: 915: 910: 791: 779: 736: 581: 576: 300: 225: 5392: 4119: 3906: 3833: 3522: 2446:

was $ 3 trillion and M2, the broadest measure of money supply, was $ 10.5 trillion.

2347:(large time deposits, institutional money market mutual fund balances), deposits of 1855:– obligations of commercial banks, including checking accounts and savings accounts. 651: 6376: 6371: 6217: 6206: 5867: 5857: 5767: 5727: 5722: 5697: 5692: 5688: 5517: 5462: 5447: 5432: 5417: 5347: 5327: 5307: 5262: 4869: 4819: 4789: 4784: 4674: 4600: 4260: 4196: 4127: 4115: 3858: 3518: 3116: 2870: 2666: 2362: 2235: 2162:

measure of money. M0, by contrast, is the most liquid measure of the money supply.

2159: 1942: 1891: 1472: 1448: 1120: 1110: 1009: 989: 965: 726: 711: 237: 208: 196: 186: 122: 102: 72: 67: 5397: 3120: 6445: 6435: 6185: 6126: 6121: 6115: 5707: 5628: 5522: 5487: 5452: 5387: 5312: 5297: 5191: 5147: 4984: 4918: 4893: 4888: 4864: 4595: 4580: 4522: 4438: 3577:"The role of banks, non-banks and the central bank in the money creation process" 3241: 3229: 3040: 2980: 2916: 2912: 2903: 2432: 2411: 2302: 2227: 2144: 1880: 1686: 1665:(NOW) accounts at depository institutions and credit union share draft accounts. 1593: 1424: 1413: 1393: 1358: 1252: 1229: 1224: 1219: 1186: 1150: 1048: 1029: 972: 935: 900: 828: 731: 691: 671: 537: 338: 333: 328: 295: 267: 127: 1499:

include those more directly affected and controlled by monetary policy, whereas

5734: 5712: 5542: 5527: 5492: 5477: 5457: 5427: 5247: 4898: 4607: 4575: 4086: 3257: 3069: 2842:

which is true by definition rather than describing economic behavior. That is,

2290: 2121: 2117: 1831: 1638: 1477: 1334: 1145: 1085: 1073: 870: 786: 701: 696: 353: 203: 159: 77: 52: 44: 5277: 1986:

October 17, 1983: Pegged at US$ 1 = HK$ 7.80 through the currency board system

621: 6591: 6162: 6156: 6147: 6141: 6083: 6074: 6065: 6047: 6036: 6024: 5994: 5816: 5507: 5497: 5472: 5412: 5407: 5402: 5382: 5372: 5342: 5332: 5237: 5137: 5110: 4874: 4274: 4200: 3321: 3299: 3270: 2907: 2869:

Most macroeconomists replace the equation of exchange with equations for the

2686: 2443: 2436: 2375: 2371: 2200: 2187: 2129: 2015: 1884: 1794: 1709: 1417: 1130: 1080: 1058: 1053: 1036: 977: 953: 930: 920: 905: 888: 721: 706: 681: 666: 661: 656: 631: 626: 290: 252: 149: 4265: 3920:"Net Free or Borrowed Reserves of Depository Institutions (NFORBRES) – FRED" 3871: 3222: 2941:

from 1979, but was found to be impractical and later given up. According to

2180: 5906: 5899: 5894: 5758: 5702: 5537: 5482: 5377: 5367: 5362: 5287: 5132: 4657: 4585: 4510: 3939:"Aggregate Reserves of Depository Institutions and the Monetary Base – H.3" 3807: 3050: 2995: 2971: 2938: 2191:

M0, M1 and M3. US-GDP and M3 of Eurozone for comparison. Logarithmic scale.

1947: 1440: 1374: 1270: 1068: 994: 925: 816: 741: 686: 646: 433: 305: 272: 262: 97: 92: 2459: 1925:

central bank, the Hong Kong Monetary Authority. Bank notes are printed by

1838:

system used throughout the world, money can be subdivided into two types:

6316: 5872: 5831: 5777: 5512: 5502: 5292: 5171: 5115: 4590: 4465: 4461:

Aggregate Reserves Of Depository Institutions And The Monetary Base (H.3)

4443: 2638: 2513: 2133: 2032: 1500: 1191: 746: 257: 242: 2808:

is the average price of all the goods and services sold during the year,

2128:

There are just two official UK measures. M0 is referred to as the "wide

2003: 27:

Total value of money available in an economy at a specific point in time

6100: 5422: 5222: 4999: 2990: 2920: 2673:

conduct their policies by setting policy interest rates more directly.

2662: 2657: 2642: 2423: 2348: 1567: 1453: 1428: 1140: 1115: 1016: 940: 676: 606: 542: 493: 2183:. Note that before April 24, 2020 savings accounts were not part of M1 1830:

Both central banks and commercial banks play a role in the process of

5911: 5842: 5743: 5739: 5272: 5202: 4559: 3649:"Hong Kong's Latest Foreign Currency Reserve Assets Figures Released" 3454: 3435: 3364:"Investors should assume that inflation will exceed the Fed's target" 2898: 2635: 2334: 2208: 1481: 1443:

turned out to be too unstable for the strategy to work as intended.

1436: 1325: 774: 616: 247: 132: 87: 2215: 2068: 5051: 4143:"The determination of the money supply: flexibility versus control" 3604:

Blanchard, Olivier; Amighini, Alessia; Giavazzi, Francesco (2021).

2830:

is the quantity of assets, goods and services sold during the year.

2415: 1991: 1846: 1540: 1401: 1397: 4322:"Federal Reserve Board - Historical Approaches to Monetary Policy" 3986: 2834:

In practice, macroeconomists almost always use real GDP to define

2112: 1377:

of the country. Empirical money supply measures are usually named

4485: 2620:: M3 plus all deposits with post office savings banks (excluding 2143:: Notes and coin in circulation plus banks' reserve balance with 4246: 3478:

Domestic payments in Euroland: commercial and central bank money

1321:

Comparative chart on money supply growth against inflation rates

4517: 2634:

frameworks in the 20th century both built on this premise: the

1432: 1369:). Money supply data is recorded and published, usually by the 1135: 823: 3282: 3408:(2). Federal Reserve Bank of Cleveland: 15–23. Archived from 2566: 2562: 2439:, deposits by the public, and borrowing from the Fed itself. 2268:(special deposits that only banks can have at the Fed). MB = 2246:: The total of all physical currency including coinage. M0 = 2007: 1362: 1346: 415: 191: 4528: 4000:

Bank, Joel; Durrani, Kassim; Hatzvi, Eden (March 21, 2019).

3352:, Federal Reserve, November 10, 2005, revised March 9, 2006. 1898: 1661:

Other checkable deposits (OCDs), which consist primarily of

4223:"Is Inflation Always And Everywhere a Monetary Phenomenon?" 2482:

plus bank current deposits from the private non-bank sector

2422:

disagrees. It holds that money creation in a free-floating

2073: 1409: 1405: 1354: 1506:

The different types of money are typically classified as "

3603: 4185:"The quantity theory of money in historical perspective" 4048:"Press Releases of Reserve Bank of India on 16 Dec 2020" 2179:

MB, M1 and M2 from 1959 to 2021 (all shown in billions)

2054:

with cash collateral, government bonds and foreign bonds

3772:(12th ed.). Oxford University Press. p. 455. 3392: 3109:

The European Journal of the History of Economic Thought

1990:

dollar being used as a proxy for speculative bets on a

1863:

while the commercial bank money is divided up into the

1739:, short-term repurchase and other larger liquid assets 4015:

Series description – Monetary and financial statistics

2782:

is the number of times per year each dollar is spent (

1859:

In the money supply statistics, central bank money is

4494: 3672:

http://www.boj.or.jp/en/type/exp/stat/data/exms01.pdf

3232:. DollarDaze Economic Commentary Blog by Mike Hewitt. 2816: 2794: 2768: 2746: 2702: 2333:

has historically been the most accurate predictor of

1503:

are less closely related to monetary-policy actions.

3794:"Savings are now more liquid and part of "M1 money"" 3252: 3250: 3011:

Economics terminology that differs from common usage

2961: 4481:

Monetary Statistics on Hong Kong Monetary Authority

4152:. London School of Economics and Political Science 3630: 2822: 2800: 2774: 2760:is the total dollars in the nation's money supply, 2752: 2726: 2199:Money supply decreased by several percent between 2025:: cash currency in circulation, plus deposit money 1435:connection between growth in the money supply and 3999: 3608:(4th ed.). Harlow: Pearson. pp. 78–86. 3462:. Bank for International Settlements. p. 3. 3456:The Role of Central Bank Money in Payment Systems 3437:The Role of Central Bank Money in Payment Systems 3247: 2091:: Currency in circulation plus overnight deposits 6589: 4352:Board of Governors of the Federal Reserve System 4326:Board of Governors of the Federal Reserve System 4061:Bentolila, Samuel (2005). "Hicks–Hansen model". 3443:. Bank for International Settlements. p. 9. 3218: 3216: 3147:Board of Governors of the Federal Reserve System 2084:'s definition of euro area monetary aggregates: 3989:. Reserve Bank of Australia. November 11, 2015. 3103:Decker, Frank; Goodhart, Charles A. E. (2022). 3074:Deardorff's Glossary of International Economics 2337:. It is M2 – time deposits + money market funds 1974:1972: pegged to the US dollar, US$ 1 = HK$ 5.65 4375:"Does Money Still Matter for Monetary Policy?" 3768:Lipsey, Richard G.; Chrystal, K. Alec (2011). 3767: 3135: 3102: 2132:" or "narrow money" and M4 is referred to as " 2120:1984–2007. In thousand millions (billions) of 5654: 4544: 4002:"Updates to Australia's Financial Aggregates" 3628: 3213: 2628: 1290: 848: 4348:"What is the money supply? Is it important?" 4195:. KOF Swiss Economic Institute, ETH Zurich. 4091:"The Strange Persistence of the IS-LM Model" 3810:The Federal Reserve – Purposes and Functions 3599: 3597: 3345: 3343: 3341: 3339: 3143:"What is the money supply? Is it important?" 1313:China M2 money supply vs USA M2 money supply 4435:Article in the New Palgrave on Money Supply 4289: 3504: 3502: 3500: 3498: 3496: 3494: 3492: 3481:. European Central Bank. November 9, 2000. 3393:Carlson, John B.; Benjamin D. Keen (1996). 3090:The New Palgrave: A Dictionary of Economics 2676: 1845:– obligations of a central bank, including 1459: 5661: 5647: 4551: 4537: 4314: 3907:What is vault cash? definition and meaning 3395:"MZM: A monetary aggregate for the 1990s?" 3258:"Revisions to the H.6 Statistical Release" 3242:M1 Money Stock (M1) – FRED – St. Louis Fed 2264:: The total of all physical currency plus 1297: 1283: 877: 855: 841: 4264: 4109: 4060: 3864: 3594: 3336: 4476:Data on Monetary Aggregates in Australia 4178: 4176: 4140: 4085: 4030:Handbook of Statistics on Indian Economy 3629:Boermans, Martijn; Moore, Basil (2009). 3517:. Palgrave Macmillan UK. pp. 1–10. 3515:The New Palgrave Dictionary of Economics 3508: 3489: 2556: 2508: 2458: 2319:, and small denomination time deposits ( 2214: 2194: 2186: 2174: 2111: 2067: 2002: 1946: 1471: 1463: 1324: 1316: 1308: 4449:Investopedia: Money Zero Maturity (MZM) 4297:"Inflation Targeting: Holding the Line" 2951:Conference Board Leading Economic Index 2926: 1980:1974 to 1983: The Hong Kong dollar was 1936: 1803:: Bank reserves are not included in M1. 14: 6590: 4372: 3606:Macroeconomics: a European perspective 3560:"Money Creation in the Modern Economy" 3553: 3551: 3549: 3370:. Wells Fargo Advisors. Archived from 3361: 2010:money supply (April 1998 – April 2008) 1867:components, where it makes up the non- 165:Measures of national income and output 5642: 4532: 4182: 4173: 2592:30.297 trillion as on March 31, 2020. 4220: 3859:What the Price of Gold Is Telling Us 3814:. Federalreserve.gov. April 24, 2013 3731:. Bank of England. November 8, 2018. 3161: 3021:FRED (Federal Reserve Economic Data) 2577:defines the monetary aggregates as: 2524:defines the monetary aggregates as: 2471:defines the monetary aggregates as: 2018:defines the monetary aggregates as: 1849:and central bank depository accounts 1825: 1431:school of thought, there is a tight 4628:Agent-based computational economics 4141:Goodhart, C.A.E. (September 2017). 3965:Federal Reserve Statistical Release 3861:. Lewrockwell.com (April 25, 2006). 3800: 3546: 3469: 3427: 3273:. Investopedia (February 15, 2009). 2727:{\displaystyle M\times V=P\times Q} 1735:Large time deposits, institutional 24: 5965:British credit crisis of 1772–1773 4444:St. Louis Fed: Monetary Aggregates 4428: 4413:. The Conference Board. March 2010 4384:. Federal Reserve Bank of Richmond 3557: 2858:can be used to predict changes in 2656:The IS-LM model was introduced by 2561:Components of the money supply of 1156:Trade / commerce ministry 25: 6614: 5678:Commonwealth of Nations countries 4454: 3796:. St. Louis Federal Reserve Bank. 3745:. Bank of England. Archived from 3582:. Deutsche Bundesbank. April 2017 3362:Thayer, Gary (January 16, 2013). 2463:Australian money supply 1984–2022 2107: 1596:not physically present in banks) 5086:neoclassical–Keynesian synthesis 4516: 4504: 2964: 2170: 2165: 2136:" or simply "the money supply". 1566:Notes and coins in bank vaults ( 1345:) refers to the total volume of 1265: 822: 810: 51: 5674:recessions in the United States 4396: 4366: 4340: 4240: 4214: 4164: 4134: 4120:10.1215/00182702-36-suppl_1-305 4079: 4054: 4040: 4020: 4008: 3993: 3979: 3953: 3931: 3912: 3900: 3891: 3882: 3852: 3826: 3786: 3761: 3735: 3729:"Further details about M0 data" 3721: 3699: 3663: 3641: 3622: 3569: 3523:10.1057/978-1-349-95121-5_875-2 3447: 3386: 3355: 3314: 3288: 3276: 3264: 3195:"Further details about M4 data" 1899:National definitions of "money" 4104:(Annual Supplement): 305–322. 3926:. St. Louis Fed. January 1929. 3651:. Hong Kong Monetary Authority 3633:Locked-in and Sticky textbooks 3509:Friedman, Benjamin M. (2017). 3298:. Investopedia. Archived from 3235: 3187: 3096: 3078: 3063: 2651: 2504: 1919:Sino-British Joint Declaration 1663:negotiable order of withdrawal 770:Publications in macroeconomics 13: 1: 5022:Critique of political economy 4558: 4221:Aziz, John (March 10, 2013). 4183:Graff, Michael (April 2008). 3121:10.1080/09672567.2021.1963796 3057: 2622:National Savings Certificates 2547: 1714:money-market deposit accounts 1588:Federal Reserve Bank credit ( 1416:, not least their setting of 1361:(depositors' easily accessed 4253:Studies of Applied Economics 4098:History of Political Economy 4004:. Reserve Bank of Australia. 3670:. Bank of Japan. p. 11 2454: 2374:(or M3 + Commercial Paper + 1908: 1903: 7: 6420:1997 Asian financial crisis 6053:Civil War-era United States 3228:September 15, 2015, at the 2957: 2522:Reserve Bank of New Zealand 2063: 1371:national statistical agency 10: 6619: 6196:Post–World War I recession 6016:Post-Napoleonic Depression 5160:Real business-cycle theory 4471:Money Stock Measures (H.6) 4373:Haltom, Renee (May 2013). 3961:"H.6 Money Stock Measures" 3244:. Research.stlouisfed.org. 3031:Macroprudential regulation 3001:Debt based monetary system 2862:. If not, then a model of 2629:Importance of money supply 2449: 2205:Bank Holiday in March 1933 1940: 1836:fractional-reserve banking 985:Deficit / surplus 521:New neoclassical synthesis 504:Real business-cycle theory 6434: 6370: 6315: 6269: 6184: 6106:2nd Industrial Revolution 6099: 6046: 6039:(1836–1838 and 1839–1843) 5955:1st Industrial Revolution 5953: 5922: 5723:Price-and-wage stickiness 5684: 5600: 5558: 5200: 4934: 4683: 4648: 4566: 3169:"money supply Definition" 2469:Reserve Bank of Australia 2317:money market mutual funds 2211:across the United States. 2058: 2048:Broadly defined liquidity 1086:Monetary (currency) union 6387:1990s United States boom 6175:Financial crisis of 1914 4411:www.conference-board.org 4201:10.3929/ethz-a-005582276 3897:12 C.F.R. sec. 204.5(a). 3888:12 C.F.R. sec. 204.2(k). 3743:"Explanatory Notes – M4" 2683:quantity theory of money 2677:Quantity theory of money 2646:quantity theory of money 2552: 2299:other checkable deposits 2282:Federal Reserve Deposits 2266:Federal Reserve Deposits 2207:when there were massive 1998: 1951:HKD vs USD over the year 1793:: is referred to as the 1712:less than $ 100,000 and 1460:Measures of money supply 526:Saltwater and freshwater 6202:Depression of 1920–1921 6134:Depression of 1882–1885 6048:Early Victorian Britain 5783:Real and nominal values 4800:Industrial organization 4623:Computational economics 4466:Historical H.3 releases 4266:10.25115/eea.v39i5.4803 3924:research.stlouisfed.org 3838:research.stlouisfed.org 3709:. European Central Bank 3199:www.bankofengland.co.uk 2480:currency in circulation 2321:certificates of deposit 2232:currency in circulation 2116:M4 money supply of the 1977:1973: US$ 1 = HK$ 5.085 1959:has changed over time. 1927:Hong Kong Note Printing 1351:currency in circulation 454:International economics 379:Overlapping generations 6307:Recession of 1969–1970 6302:Recession of 1960–1961 6261:Recession of 1937–1938 5005:Modern monetary theory 4670:Experimental economics 4640:Pluralism in economics 4613:Mathematical economics 4490:People's Bank of China 2824: 2802: 2776: 2754: 2728: 2570: 2517: 2516:money supply 1988–2008 2464: 2442:As of April 2013, the 2420:Modern Monetary Theory 2223: 2212: 2192: 2184: 2125: 2077: 2011: 1952: 1485: 1469: 1367:financial institutions 1330: 1329:M2 as a percent of GDP 1322: 1314: 1197:Discretionary spending 797:Mathematical economics 548:Modern monetary theory 311:Universal basic income 6425:Early 2000s recession 6392:Early 1990s recession 6344:Early 1980s recession 5924:Commercial revolution 5822:Nominal interest rate 3834:"M1 Money Multiplier" 3707:"Monetary aggregates" 3006:Debt levels and flows 2825: 2803: 2777: 2755: 2729: 2575:Reserve Bank of India 2560: 2512: 2462: 2404:Treasury Tax and Loan 2353:repurchase agreements 2313:money market accounts 2278:Federal Reserve Notes 2248:Federal Reserve Notes 2218: 2198: 2190: 2178: 2115: 2082:European Central Bank 2071: 2006: 1965:Sterling was devalued 1950: 1853:commercial bank money 1475: 1467: 1328: 1320: 1312: 637:Wesley Clair Mitchell 612:Thomas Robert Malthus 449:Development economics 5991:Copper Panic of 1789 4879:Social choice theory 4635:Behavioral economics 4618:Complexity economics 3909:. Investorwords.com. 3415:on September 4, 2012 3350:Discontinuance of M3 3260:. December 17, 2020. 3026:Full reserve banking 2927:Declining importance 2906:, who together with 2814: 2792: 2766: 2744: 2700: 2691:equation of exchange 2437:federal funds market 2323:of under $ 100,000). 1957:exchange rate regime 1937:Currency peg history 1617:of non-bank issuers 1480:money supply (red); 1476:CPI-Urban (blue) vs 374:Ramsey–Cass–Koopmans 214:Liquidity preference 6327:1973–1975 recession 6271:Post–WWII expansion 5945:Great Frost of 1709 5773:Neutrality of money 5754:Classical dichotomy 5670:Economic expansions 4963:American (National) 4663:Economic statistics 4382:www.richmondfed.org 4354:. December 16, 2015 4027:"Notes on Tables". 3840:. February 15, 1984 3285:. Moneyterms.co.uk. 3149:. December 16, 2015 2986:Capital requirement 2934:inflation targeting 2386:Bankers' Acceptance 1915:Hong Kong Basic Law 1834:. In short, in the 1490:monetary aggregates 829:Business portal 765:Macroeconomic model 642:John Maynard Keynes 439:Economic statistics 384:General equilibrium 6509:COVID-19 recession 6169:Panic of 1910–1911 6001:Panic of 1796–1797 5827:Real interest rate 5795:Economic expansion 4189:Kof Working Papers 3565:. Bank of England. 3283:M0 (monetary base) 3201:. January 31, 2023 3087:, "money supply," 3072:. "Money supply," 3036:Monetary economics 2820: 2798: 2772: 2750: 2724: 2571: 2518: 2465: 2226:The United States 2224: 2213: 2193: 2185: 2126: 2078: 2052:securities lending 2012: 1953: 1843:central bank money 1759:money market funds 1737:money market funds 1486: 1470: 1331: 1323: 1315: 1202:Mandatory spending 1126:Non-tariff barrier 1064:Monetary authority 717:Edward C. Prescott 444:Monetary economics 18:Monetary aggregate 6585: 6584: 6296:Recession of 1958 6290:Recession of 1953 6284:Recession of 1949 5981:Thirteen Colonies 5788:Velocity of money 5718:Paradox of thrift 5636: 5635: 5167:New institutional 4072:978-1-84376-029-0 3975:on June 16, 2013. 3949:on June 16, 2013. 3749:on August 9, 2007 3687:Missing or empty 3615:978-1-292-36089-8 3558:McLeay, Michael. 3532:978-1-349-95121-5 3302:on March 30, 2018 3175:on April 12, 2019 3046:Money circulation 3016:Financial capital 2943:Benjamin Friedman 2823:{\displaystyle Q} 2801:{\displaystyle P} 2784:velocity of money 2775:{\displaystyle V} 2753:{\displaystyle M} 2681:According to the 2614:167.99 trillion.) 2412:Federal Reserve's 2343:: M2 + all other 1826:Creation of money 1777: 1776: 1615:Traveler's checks 1590:required reserves 1427:supported by the 1423:According to the 1307: 1306: 1248:Fiscal adjustment 865: 864: 792:Political economy 747:N. Gregory Mankiw 737:Thomas J. Sargent 582:Market monetarism 396:Endogenous growth 226:National accounts 16:(Redirected from 6610: 6377:Great Regression 6372:Great Moderation 6218:Great Depression 6207:Roaring Twenties 5728:Underconsumption 5698:Effective demand 5689:Aggregate demand 5663: 5656: 5649: 5640: 5639: 4840:Natural resource 4675:Economic history 4601:Mechanism design 4553: 4546: 4539: 4530: 4529: 4521: 4520: 4509: 4508: 4507: 4500: 4423: 4422: 4420: 4418: 4408: 4400: 4394: 4393: 4391: 4389: 4379: 4370: 4364: 4363: 4361: 4359: 4344: 4338: 4337: 4335: 4333: 4318: 4312: 4311: 4309: 4307: 4293: 4287: 4286: 4268: 4244: 4238: 4237: 4235: 4233: 4218: 4212: 4211: 4209: 4207: 4180: 4171: 4168: 4162: 4161: 4159: 4157: 4147: 4138: 4132: 4131: 4113: 4095: 4083: 4077: 4076: 4065:. Edward Elgar. 4058: 4052: 4051: 4044: 4038: 4037: 4035: 4024: 4018: 4012: 4006: 4005: 3997: 3991: 3990: 3983: 3977: 3976: 3971:. Archived from 3957: 3951: 3950: 3945:. Archived from 3935: 3929: 3927: 3916: 3910: 3904: 3898: 3895: 3889: 3886: 3880: 3879: 3872:"Alternate data" 3868: 3862: 3856: 3850: 3849: 3847: 3845: 3830: 3824: 3823: 3821: 3819: 3804: 3798: 3797: 3790: 3784: 3783: 3765: 3759: 3758: 3756: 3754: 3739: 3733: 3732: 3725: 3719: 3718: 3716: 3714: 3703: 3697: 3696: 3690: 3685: 3683: 3675: 3667: 3661: 3660: 3658: 3656: 3645: 3639: 3638: 3636: 3626: 3620: 3619: 3601: 3592: 3591: 3589: 3587: 3581: 3573: 3567: 3566: 3564: 3555: 3544: 3543: 3541: 3539: 3506: 3487: 3486: 3473: 3467: 3466: 3461: 3451: 3445: 3444: 3442: 3431: 3425: 3424: 3422: 3420: 3414: 3399: 3390: 3384: 3383: 3381: 3379: 3374:on July 14, 2014 3359: 3353: 3347: 3334: 3333: 3331: 3329: 3318: 3312: 3311: 3309: 3307: 3292: 3286: 3280: 3274: 3268: 3262: 3261: 3254: 3245: 3239: 3233: 3220: 3211: 3210: 3208: 3206: 3191: 3185: 3184: 3182: 3180: 3171:. Archived from 3165: 3159: 3158: 3156: 3154: 3139: 3133: 3132: 3100: 3094: 3082: 3076: 3067: 2974: 2969: 2968: 2967: 2893: 2891: 2890: 2885: 2882: 2871:demand for money 2829: 2827: 2826: 2821: 2807: 2805: 2804: 2799: 2781: 2779: 2778: 2773: 2759: 2757: 2756: 2751: 2733: 2731: 2730: 2725: 2667:aggregate demand 2613: 2591: 2391:Money Multiplier 2363:Commercial Paper 2303:savings accounts 2295:travelers checks 2236:checking account 1943:Hong Kong dollar 1892:money multiplier 1881:government bonds 1785: 1784: 1716:for individuals 1687:Savings deposits 1513: 1512: 1501:broader measures 1449:inflation target 1394:commercial banks 1365:on the books of 1299: 1292: 1285: 1269: 1121:Gains from trade 1111:Balance of trade 990:Finance ministry 881: 867: 866: 857: 850: 843: 827: 826: 817:Money portal 815: 814: 813: 727:William Nordhaus 712:Robert Lucas Jr. 602:François Quesnay 238:Nominal rigidity 209:Demand for money 187:Microfoundations 123:Financial crisis 103:Effective demand 73:Aggregate supply 68:Aggregate demand 55: 32: 31: 21: 6618: 6617: 6613: 6612: 6611: 6609: 6608: 6607: 6598:Monetary policy 6588: 6587: 6586: 6581: 6446:Great Recession 6438: 6436:Information Age 6430: 6379: 6375: 6366: 6319: 6317:Great Inflation 6311: 6273: 6265: 6188: 6186:Interwar period 6180: 6116:Long Depression 6108: 6104: 6095: 6055: 6051: 6042: 5957: 5949: 5926: 5918: 5883:U.S. recessions 5878:U.K. recessions 5810:U.S. expansions 5680: 5667: 5637: 5632: 5629:Business portal 5596: 5595: 5594: 5554: 5318:von Böhm-Bawerk 5206: 5205: 5196: 4968:Ancient thought 4946: 4945: 4939: 4930: 4929: 4928: 4679: 4644: 4596:Contract theory 4581:Decision theory 4562: 4557: 4527: 4515: 4505: 4503: 4495: 4486:Monetary Survey 4457: 4439:Milton Friedman 4431: 4429:Further reading 4426: 4416: 4414: 4406: 4402: 4401: 4397: 4387: 4385: 4377: 4371: 4367: 4357: 4355: 4346: 4345: 4341: 4331: 4329: 4328:. March 8, 2018 4320: 4319: 4315: 4305: 4303: 4295: 4294: 4290: 4245: 4241: 4231: 4229: 4219: 4215: 4205: 4203: 4181: 4174: 4169: 4165: 4155: 4153: 4145: 4139: 4135: 4111:10.1.1.692.6446 4093: 4087:Colander, David 4084: 4080: 4073: 4059: 4055: 4046: 4045: 4041: 4033: 4026: 4025: 4021: 4017:. Rbnz.govt.nz. 4013: 4009: 3998: 3994: 3985: 3984: 3980: 3969:Federal Reserve 3959: 3958: 3954: 3943:Federal Reserve 3937: 3936: 3932: 3918: 3917: 3913: 3905: 3901: 3896: 3892: 3887: 3883: 3876:Shadowstats.com 3870: 3869: 3865: 3857: 3853: 3843: 3841: 3832: 3831: 3827: 3817: 3815: 3806: 3805: 3801: 3792: 3791: 3787: 3780: 3766: 3762: 3752: 3750: 3741: 3740: 3736: 3727: 3726: 3722: 3712: 3710: 3705: 3704: 3700: 3688: 3686: 3677: 3676: 3669: 3668: 3664: 3654: 3652: 3647: 3646: 3642: 3627: 3623: 3616: 3602: 3595: 3585: 3583: 3579: 3575: 3574: 3570: 3562: 3556: 3547: 3537: 3535: 3533: 3507: 3490: 3475: 3474: 3470: 3459: 3453: 3452: 3448: 3440: 3433: 3432: 3428: 3418: 3416: 3412: 3402:Economic Review 3397: 3391: 3387: 3377: 3375: 3360: 3356: 3348: 3337: 3327: 3325: 3320: 3319: 3315: 3305: 3303: 3294: 3293: 3289: 3281: 3277: 3269: 3265: 3256: 3255: 3248: 3240: 3236: 3230:Wayback Machine 3221: 3214: 3204: 3202: 3193: 3192: 3188: 3178: 3176: 3167: 3166: 3162: 3152: 3150: 3141: 3140: 3136: 3101: 3097: 3093:, v. 3, p. 527. 3083: 3079: 3068: 3064: 3060: 3055: 3041:Monetary reform 2981:Bank regulation 2970: 2965: 2963: 2960: 2929: 2919:and the German 2917:Bank of England 2913:Federal Reserve 2904:Milton Friedman 2889: 2886: 2883: 2881: 2878: 2877: 2875: 2865: 2861: 2857: 2853: 2849: 2837: 2815: 2812: 2811: 2793: 2790: 2789: 2767: 2764: 2763: 2745: 2742: 2741: 2701: 2698: 2697: 2679: 2654: 2631: 2611: 2589: 2565:in billions of 2555: 2550: 2507: 2457: 2452: 2433:Federal Reserve 2291:demand deposits 2228:Federal Reserve 2173: 2168: 2145:Bank of England 2122:pounds sterling 2110: 2066: 2061: 2001: 1945: 1939: 1911: 1906: 1901: 1828: 1782: 1781: 1639:Demand deposits 1594:excess reserves 1497:Narrow measures 1462: 1456:and inflation. 1425:quantity theory 1414:monetary policy 1359:demand deposits 1353:(i.e. physical 1303: 1258: 1257: 1253:Monetary reform 1243: 1235: 1234: 1230:Price stability 1225:Economic growth 1220:Balanced budget 1215: 1207: 1206: 1187:Non-tax revenue 1182: 1181: 1161: 1160: 1151:Trade diversion 1106: 1096: 1095: 1049:Discount window 1032: 1030:Monetary policy 1022: 1021: 956: 946: 945: 891: 861: 821: 811: 809: 802: 801: 760: 752: 751: 732:Joseph Stiglitz 692:Milton Friedman 672:Friedrich Hayek 597: 587: 586: 469: 459: 458: 429: 421: 420: 406:Mundell–Fleming 401:Matching theory 339:Keynesian cross 324: 316: 315: 286: 278: 277: 63: 28: 23: 22: 15: 12: 11: 5: 6616: 6606: 6605: 6600: 6583: 6582: 6580: 6579: 6578: 6577: 6572: 6567: 6565:United Kingdom 6562: 6557: 6552: 6547: 6542: 6537: 6532: 6527: 6522: 6517: 6506: 6505: 6504: 6499: 6497:United Kingdom 6494: 6489: 6484: 6479: 6474: 6469: 6464: 6459: 6454: 6442: 6440: 6439:(2007–present) 6432: 6431: 6429: 6428: 6422: 6417: 6416: 6415: 6410: 6408:United Kingdom 6405: 6400: 6389: 6383: 6381: 6368: 6367: 6365: 6364: 6363: 6362: 6357: 6355:United Kingdom 6352: 6341: 6340: 6339: 6334: 6332:United Kingdom 6323: 6321: 6313: 6312: 6310: 6309: 6304: 6299: 6293: 6287: 6281: 6277: 6275: 6267: 6266: 6264: 6263: 6258: 6257: 6256: 6251: 6249:United Kingdom 6246: 6241: 6236: 6231: 6226: 6215: 6212: 6209: 6204: 6199: 6192: 6190: 6182: 6181: 6179: 6178: 6172: 6166: 6160: 6154: 6151: 6145: 6139: 6136: 6131: 6130: 6129: 6124: 6122:United Kingdom 6112: 6110: 6097: 6096: 6094: 6093: 6087: 6081: 6078: 6072: 6069: 6063: 6059: 6057: 6044: 6043: 6041: 6040: 6034: 6031: 6028: 6022: 6019: 6013: 6010: 6007: 6004: 5998: 5988: 5985: 5984: 5983: 5978: 5973: 5961: 5959: 5951: 5950: 5948: 5947: 5942: 5937: 5930: 5928: 5920: 5919: 5917: 5916: 5915: 5914: 5904: 5903: 5902: 5897: 5887: 5886: 5885: 5880: 5875: 5870: 5865: 5860: 5855: 5850: 5840: 5839: 5838: 5829: 5824: 5814: 5813: 5812: 5807: 5802: 5792: 5791: 5790: 5785: 5780: 5775: 5770: 5761: 5756: 5751: 5737: 5735:Business cycle 5732: 5731: 5730: 5725: 5720: 5715: 5713:Overproduction 5710: 5705: 5700: 5685: 5682: 5681: 5666: 5665: 5658: 5651: 5643: 5634: 5633: 5631: 5626: 5621: 5616: 5611: 5606: 5601: 5598: 5597: 5593: 5592: 5587: 5577: 5572: 5566: 5565: 5564: 5562: 5556: 5555: 5553: 5552: 5545: 5540: 5535: 5530: 5525: 5520: 5515: 5510: 5505: 5500: 5495: 5490: 5485: 5480: 5475: 5470: 5465: 5460: 5455: 5450: 5445: 5440: 5435: 5430: 5425: 5420: 5415: 5410: 5405: 5400: 5395: 5390: 5385: 5380: 5375: 5370: 5365: 5360: 5355: 5350: 5345: 5340: 5335: 5330: 5325: 5320: 5315: 5310: 5305: 5300: 5295: 5290: 5285: 5280: 5275: 5270: 5265: 5260: 5255: 5250: 5245: 5240: 5235: 5230: 5225: 5220: 5215: 5209: 5207: 5201: 5198: 5197: 5195: 5194: 5189: 5184: 5179: 5174: 5169: 5164: 5163: 5162: 5152: 5151: 5150: 5140: 5135: 5130: 5129: 5128: 5118: 5113: 5108: 5107: 5106: 5105: 5104: 5094: 5089: 5074: 5069: 5064: 5059: 5054: 5049: 5044: 5039: 5034: 5032:Disequilibrium 5029: 5024: 5019: 5014: 5009: 5008: 5007: 4997: 4992: 4987: 4982: 4981: 4980: 4970: 4965: 4960: 4955: 4949: 4947: 4935: 4932: 4931: 4927: 4926: 4921: 4916: 4911: 4906: 4901: 4896: 4891: 4886: 4881: 4872: 4867: 4862: 4857: 4852: 4847: 4845:Organizational 4842: 4837: 4832: 4827: 4822: 4817: 4812: 4807: 4802: 4797: 4792: 4787: 4782: 4777: 4772: 4767: 4762: 4757: 4752: 4747: 4742: 4737: 4732: 4727: 4722: 4717: 4712: 4707: 4702: 4697: 4691: 4690: 4689: 4687: 4681: 4680: 4678: 4677: 4672: 4667: 4666: 4665: 4654: 4652: 4646: 4645: 4643: 4642: 4637: 4632: 4631: 4630: 4620: 4615: 4610: 4608:Macroeconomics 4605: 4604: 4603: 4598: 4593: 4588: 4583: 4576:Microeconomics 4572: 4570: 4564: 4563: 4556: 4555: 4548: 4541: 4533: 4526: 4525: 4513: 4493: 4492: 4483: 4478: 4473: 4468: 4463: 4456: 4455:External links 4453: 4452: 4451: 4446: 4441: 4430: 4427: 4425: 4424: 4395: 4365: 4339: 4313: 4288: 4239: 4213: 4172: 4163: 4133: 4078: 4071: 4053: 4039: 4019: 4007: 3992: 3978: 3952: 3930: 3911: 3899: 3890: 3881: 3863: 3851: 3825: 3799: 3785: 3779:978-0199563388 3778: 3760: 3734: 3720: 3698: 3662: 3640: 3621: 3614: 3593: 3568: 3545: 3531: 3511:"Money Supply" 3488: 3468: 3446: 3426: 3385: 3368:Macro Strategy 3354: 3335: 3324:. Investopedia 3313: 3287: 3275: 3263: 3246: 3234: 3212: 3186: 3160: 3134: 3115:(2): 246–270. 3095: 3077: 3070:Alan Deardorff 3061: 3059: 3056: 3054: 3053: 3048: 3043: 3038: 3033: 3028: 3023: 3018: 3013: 3008: 3003: 2998: 2993: 2988: 2983: 2977: 2976: 2975: 2959: 2956: 2928: 2925: 2897:There is some 2887: 2879: 2863: 2859: 2855: 2851: 2847: 2835: 2832: 2831: 2819: 2809: 2797: 2787: 2771: 2761: 2749: 2735: 2734: 2723: 2720: 2717: 2714: 2711: 2708: 2705: 2678: 2675: 2653: 2650: 2630: 2627: 2626: 2625: 2615: 2605: 2599: 2593: 2554: 2551: 2549: 2546: 2545: 2544: 2538: 2532: 2506: 2503: 2502: 2501: 2495: 2489: 2483: 2456: 2453: 2451: 2448: 2395: 2394: 2388: 2379: 2365: 2356: 2338: 2324: 2306: 2284: 2259: 2172: 2171:United States 2169: 2167: 2164: 2155: 2154: 2148: 2118:United Kingdom 2109: 2108:United Kingdom 2106: 2105: 2104: 2098: 2092: 2065: 2062: 2060: 2057: 2056: 2055: 2045: 2039: 2026: 2000: 1997: 1996: 1995: 1987: 1984: 1978: 1975: 1972: 1941:Main article: 1938: 1935: 1910: 1907: 1905: 1902: 1900: 1897: 1885:treasury bills 1857: 1856: 1850: 1832:money creation 1827: 1824: 1823: 1822: 1816: 1810: 1804: 1798: 1788: 1775: 1774: 1771: 1769: 1767: 1765: 1763: 1761: 1754: 1753: 1751: 1748: 1746: 1744: 1742: 1740: 1732: 1731: 1729: 1726: 1723: 1721: 1719: 1717: 1706: 1705: 1702: 1699: 1696: 1693: 1691: 1689: 1683: 1682: 1679: 1676: 1673: 1670: 1668: 1666: 1658: 1657: 1654: 1651: 1648: 1645: 1643: 1641: 1635: 1634: 1631: 1628: 1625: 1622: 1620: 1618: 1611: 1610: 1608: 1606: 1604: 1602: 1599: 1597: 1585: 1584: 1582: 1580: 1578: 1576: 1573: 1571: 1563: 1562: 1559: 1556: 1553: 1550: 1547: 1544: 1536: 1535: 1532: 1529: 1526: 1523: 1520: 1517: 1516:Type of money 1461: 1458: 1418:interest rates 1335:macroeconomics 1305: 1304: 1302: 1301: 1294: 1287: 1279: 1276: 1275: 1274: 1273: 1260: 1259: 1256: 1255: 1250: 1244: 1241: 1240: 1237: 1236: 1233: 1232: 1227: 1222: 1216: 1213: 1212: 1209: 1208: 1205: 1204: 1199: 1194: 1189: 1183: 1180: 1179: 1174: 1168: 1167: 1166: 1163: 1162: 1159: 1158: 1153: 1148: 1146:Trade creation 1143: 1138: 1133: 1128: 1123: 1118: 1113: 1107: 1102: 1101: 1098: 1097: 1094: 1093: 1088: 1083: 1078: 1077: 1076: 1074:currency board 1071: 1061: 1056: 1051: 1046: 1045: 1044: 1033: 1028: 1027: 1024: 1023: 1020: 1019: 1014: 1013: 1012: 1002: 997: 992: 987: 982: 981: 980: 970: 969: 968: 957: 952: 951: 948: 947: 944: 943: 938: 933: 928: 923: 918: 913: 908: 903: 898: 892: 887: 886: 883: 882: 874: 873: 871:Public finance 863: 862: 860: 859: 852: 845: 837: 834: 833: 832: 831: 819: 804: 803: 800: 799: 794: 789: 787:Microeconomics 784: 783: 782: 772: 767: 761: 758: 757: 754: 753: 750: 749: 744: 739: 734: 729: 724: 719: 714: 709: 704: 702:Lawrence Klein 699: 697:Paul Samuelson 694: 689: 684: 679: 674: 669: 664: 659: 654: 652:Michał Kalecki 649: 644: 639: 634: 629: 624: 619: 614: 609: 604: 598: 593: 592: 589: 588: 585: 584: 579: 574: 572:Disequilibrium 569: 568: 567: 560:Post-Keynesian 557: 552: 551: 550: 540: 529: 528: 523: 518: 513: 508: 507: 506: 496: 491: 490: 489: 484: 470: 465: 464: 461: 460: 457: 456: 451: 446: 441: 436: 430: 428:Related fields 427: 426: 423: 422: 419: 418: 413: 408: 403: 398: 393: 392: 391: 381: 376: 371: 366: 361: 356: 354:Phillips curve 351: 346: 341: 336: 331: 325: 322: 321: 318: 317: 314: 313: 308: 303: 298: 293: 287: 284: 283: 280: 279: 276: 275: 270: 265: 260: 255: 250: 245: 240: 235: 234: 233: 223: 218: 217: 216: 206: 204:Money creation 201: 200: 199: 189: 184: 183: 182: 177: 172: 162: 160:Liquidity trap 157: 152: 147: 146: 145: 140: 130: 125: 120: 119: 118: 113: 105: 100: 95: 90: 85: 80: 78:Business cycle 75: 70: 64: 62:Basic concepts 61: 60: 57: 56: 48: 47: 45:Macroeconomics 41: 40: 26: 9: 6: 4: 3: 2: 6615: 6604: 6601: 6599: 6596: 6595: 6593: 6576: 6573: 6571: 6570:United States 6568: 6566: 6563: 6561: 6558: 6556: 6553: 6551: 6548: 6546: 6543: 6541: 6538: 6536: 6533: 6531: 6528: 6526: 6523: 6521: 6518: 6516: 6512: 6511: 6510: 6507: 6503: 6502:United States 6500: 6498: 6495: 6493: 6490: 6488: 6485: 6483: 6480: 6478: 6475: 6473: 6470: 6468: 6465: 6463: 6460: 6458: 6455: 6453: 6449: 6448: 6447: 6444: 6443: 6441: 6437: 6433: 6426: 6423: 6421: 6418: 6414: 6413:United States 6411: 6409: 6406: 6404: 6401: 6399: 6395: 6394: 6393: 6390: 6388: 6385: 6384: 6382: 6378: 6373: 6369: 6361: 6360:United States 6358: 6356: 6353: 6351: 6347: 6346: 6345: 6342: 6338: 6337:United States 6335: 6333: 6330: 6329: 6328: 6325: 6324: 6322: 6318: 6314: 6308: 6305: 6303: 6300: 6297: 6294: 6291: 6288: 6285: 6282: 6279: 6278: 6276: 6272: 6268: 6262: 6259: 6255: 6254:United States 6252: 6250: 6247: 6245: 6242: 6240: 6237: 6235: 6232: 6230: 6227: 6225: 6221: 6220: 6219: 6216: 6213: 6210: 6208: 6205: 6203: 6200: 6197: 6194: 6193: 6191: 6187: 6183: 6176: 6173: 6170: 6167: 6164: 6163:Panic of 1907 6161: 6158: 6157:Panic of 1901 6155: 6152: 6149: 6148:Panic of 1893 6146: 6143: 6142:Baring crisis 6140: 6137: 6135: 6132: 6128: 6127:United States 6125: 6123: 6119: 6118: 6117: 6114: 6113: 6111: 6107: 6102: 6098: 6091: 6088: 6085: 6084:Panic of 1866 6082: 6079: 6076: 6075:Panic of 1857 6073: 6070: 6067: 6066:Panic of 1847 6064: 6061: 6060: 6058: 6054: 6049: 6045: 6038: 6037:Panic of 1837 6035: 6032: 6029: 6026: 6025:Panic of 1825 6023: 6020: 6017: 6014: 6011: 6008: 6005: 6002: 5999: 5996: 5995:Panic of 1792 5992: 5989: 5986: 5982: 5979: 5977: 5974: 5972: 5968: 5967: 5966: 5963: 5962: 5960: 5956: 5952: 5946: 5943: 5941: 5940:Slump of 1706 5938: 5935: 5932: 5931: 5929: 5925: 5921: 5913: 5910: 5909: 5908: 5905: 5901: 5898: 5896: 5893: 5892: 5891: 5888: 5884: 5881: 5879: 5876: 5874: 5871: 5869: 5866: 5864: 5861: 5859: 5856: 5854: 5851: 5849: 5848:Balance sheet 5846: 5845: 5844: 5841: 5837: 5833: 5830: 5828: 5825: 5823: 5820: 5819: 5818: 5817:Interest rate 5815: 5811: 5808: 5806: 5803: 5801: 5798: 5797: 5796: 5793: 5789: 5786: 5784: 5781: 5779: 5776: 5774: 5771: 5769: 5765: 5762: 5760: 5757: 5755: 5752: 5750: 5747: 5746: 5745: 5741: 5738: 5736: 5733: 5729: 5726: 5724: 5721: 5719: 5716: 5714: 5711: 5709: 5706: 5704: 5701: 5699: 5696: 5695: 5694: 5690: 5687: 5686: 5683: 5679: 5675: 5671: 5664: 5659: 5657: 5652: 5650: 5645: 5644: 5641: 5630: 5627: 5625: 5622: 5620: 5617: 5615: 5612: 5610: 5607: 5605: 5602: 5599: 5591: 5588: 5585: 5581: 5578: 5576: 5573: 5571: 5568: 5567: 5563: 5561: 5557: 5551: 5550: 5546: 5544: 5541: 5539: 5536: 5534: 5531: 5529: 5526: 5524: 5521: 5519: 5516: 5514: 5511: 5509: 5506: 5504: 5501: 5499: 5496: 5494: 5491: 5489: 5486: 5484: 5481: 5479: 5476: 5474: 5471: 5469: 5466: 5464: 5461: 5459: 5456: 5454: 5451: 5449: 5446: 5444: 5441: 5439: 5436: 5434: 5431: 5429: 5426: 5424: 5421: 5419: 5416: 5414: 5411: 5409: 5406: 5404: 5401: 5399: 5396: 5394: 5391: 5389: 5386: 5384: 5381: 5379: 5376: 5374: 5371: 5369: 5366: 5364: 5361: 5359: 5356: 5354: 5351: 5349: 5346: 5344: 5341: 5339: 5336: 5334: 5331: 5329: 5326: 5324: 5321: 5319: 5316: 5314: 5311: 5309: 5306: 5304: 5301: 5299: 5296: 5294: 5291: 5289: 5286: 5284: 5281: 5279: 5276: 5274: 5271: 5269: 5266: 5264: 5261: 5259: 5256: 5254: 5251: 5249: 5246: 5244: 5241: 5239: 5236: 5234: 5231: 5229: 5226: 5224: 5221: 5219: 5216: 5214: 5213:de Mandeville 5211: 5210: 5208: 5204: 5199: 5193: 5190: 5188: 5185: 5183: 5180: 5178: 5175: 5173: 5170: 5168: 5165: 5161: 5158: 5157: 5156: 5155:New classical 5153: 5149: 5146: 5145: 5144: 5141: 5139: 5136: 5134: 5131: 5127: 5124: 5123: 5122: 5119: 5117: 5114: 5112: 5111:Malthusianism 5109: 5103: 5100: 5099: 5098: 5095: 5093: 5090: 5087: 5083: 5080: 5079: 5078: 5075: 5073: 5072:Institutional 5070: 5068: 5065: 5063: 5060: 5058: 5055: 5053: 5050: 5048: 5045: 5043: 5040: 5038: 5035: 5033: 5030: 5028: 5025: 5023: 5020: 5018: 5015: 5013: 5010: 5006: 5003: 5002: 5001: 4998: 4996: 4993: 4991: 4988: 4986: 4983: 4979: 4976: 4975: 4974: 4971: 4969: 4966: 4964: 4961: 4959: 4956: 4954: 4951: 4950: 4948: 4943: 4938: 4933: 4925: 4922: 4920: 4917: 4915: 4912: 4910: 4907: 4905: 4902: 4900: 4897: 4895: 4892: 4890: 4887: 4885: 4882: 4880: 4876: 4875:Public choice 4873: 4871: 4868: 4866: 4863: 4861: 4858: 4856: 4853: 4851: 4850:Participation 4848: 4846: 4843: 4841: 4838: 4836: 4833: 4831: 4828: 4826: 4823: 4821: 4818: 4816: 4813: 4811: 4810:Institutional 4808: 4806: 4803: 4801: 4798: 4796: 4793: 4791: 4788: 4786: 4783: 4781: 4778: 4776: 4773: 4771: 4768: 4766: 4763: 4761: 4760:Expeditionary 4758: 4756: 4753: 4751: 4750:Environmental 4748: 4746: 4743: 4741: 4738: 4736: 4733: 4731: 4728: 4726: 4723: 4721: 4718: 4716: 4713: 4711: 4708: 4706: 4703: 4701: 4698: 4696: 4693: 4692: 4688: 4686: 4682: 4676: 4673: 4671: 4668: 4664: 4661: 4660: 4659: 4656: 4655: 4653: 4651: 4647: 4641: 4638: 4636: 4633: 4629: 4626: 4625: 4624: 4621: 4619: 4616: 4614: 4611: 4609: 4606: 4602: 4599: 4597: 4594: 4592: 4589: 4587: 4584: 4582: 4579: 4578: 4577: 4574: 4573: 4571: 4569: 4565: 4561: 4554: 4549: 4547: 4542: 4540: 4535: 4534: 4531: 4524: 4519: 4514: 4512: 4502: 4501: 4498: 4491: 4487: 4484: 4482: 4479: 4477: 4474: 4472: 4469: 4467: 4464: 4462: 4459: 4458: 4450: 4447: 4445: 4442: 4440: 4436: 4433: 4432: 4412: 4405: 4399: 4383: 4376: 4369: 4353: 4349: 4343: 4327: 4323: 4317: 4302: 4298: 4292: 4284: 4280: 4276: 4272: 4267: 4262: 4258: 4254: 4250: 4243: 4228: 4224: 4217: 4202: 4198: 4194: 4190: 4186: 4179: 4177: 4167: 4151: 4144: 4137: 4129: 4125: 4121: 4117: 4112: 4107: 4103: 4099: 4092: 4088: 4082: 4074: 4068: 4064: 4057: 4049: 4043: 4032: 4031: 4023: 4016: 4011: 4003: 3996: 3988: 3982: 3974: 3970: 3966: 3962: 3956: 3948: 3944: 3940: 3934: 3925: 3921: 3915: 3908: 3903: 3894: 3885: 3877: 3873: 3867: 3860: 3855: 3839: 3835: 3829: 3813: 3811: 3803: 3795: 3789: 3781: 3775: 3771: 3764: 3748: 3744: 3738: 3730: 3724: 3708: 3702: 3694: 3681: 3673: 3666: 3650: 3644: 3635: 3634: 3625: 3617: 3611: 3607: 3600: 3598: 3578: 3572: 3561: 3554: 3552: 3550: 3534: 3528: 3524: 3520: 3516: 3512: 3505: 3503: 3501: 3499: 3497: 3495: 3493: 3485: 3480: 3479: 3472: 3465: 3458: 3457: 3450: 3439: 3438: 3430: 3411: 3407: 3403: 3396: 3389: 3373: 3369: 3365: 3358: 3351: 3346: 3344: 3342: 3340: 3323: 3317: 3301: 3297: 3291: 3284: 3279: 3272: 3271:M3 Definition 3267: 3259: 3253: 3251: 3243: 3238: 3231: 3227: 3224: 3219: 3217: 3200: 3196: 3190: 3174: 3170: 3164: 3148: 3144: 3138: 3130: 3126: 3122: 3118: 3114: 3110: 3106: 3099: 3092: 3091: 3086: 3081: 3075: 3071: 3066: 3062: 3052: 3049: 3047: 3044: 3042: 3039: 3037: 3034: 3032: 3029: 3027: 3024: 3022: 3019: 3017: 3014: 3012: 3009: 3007: 3004: 3002: 2999: 2997: 2994: 2992: 2989: 2987: 2984: 2982: 2979: 2978: 2973: 2962: 2955: 2952: 2946: 2944: 2940: 2935: 2924: 2922: 2918: 2914: 2909: 2908:Anna Schwartz 2905: 2900: 2895: 2872: 2867: 2845: 2841: 2817: 2810: 2795: 2788: 2785: 2769: 2762: 2747: 2740: 2739: 2738: 2721: 2718: 2715: 2712: 2709: 2706: 2703: 2696: 2695: 2694: 2692: 2688: 2687:Irving Fisher 2684: 2674: 2670: 2668: 2664: 2659: 2649: 2647: 2644: 2640: 2637: 2623: 2619: 2616: 2609: 2606: 2603: 2600: 2597: 2594: 2587: 2583: 2582:Reserve money 2580: 2579: 2578: 2576: 2569:for 1950–2011 2568: 2564: 2559: 2542: 2539: 2536: 2533: 2530: 2527: 2526: 2525: 2523: 2515: 2511: 2499: 2496: 2493: 2490: 2487: 2484: 2481: 2477: 2474: 2473: 2472: 2470: 2461: 2447: 2445: 2444:monetary base 2440: 2438: 2434: 2428: 2425: 2424:fiat currency 2421: 2417: 2413: 2407: 2405: 2399: 2392: 2389: 2387: 2383: 2380: 2377: 2373: 2369: 2366: 2364: 2360: 2357: 2354: 2350: 2346: 2342: 2339: 2336: 2332: 2328: 2325: 2322: 2318: 2314: 2310: 2307: 2304: 2300: 2296: 2292: 2288: 2285: 2283: 2279: 2275: 2271: 2267: 2263: 2260: 2257: 2253: 2249: 2245: 2242: 2241: 2240: 2237: 2233: 2229: 2222: 2217: 2210: 2206: 2202: 2201:Black Tuesday 2197: 2189: 2182: 2177: 2166:North America 2163: 2161: 2152: 2149: 2146: 2142: 2139: 2138: 2137: 2135: 2131: 2130:monetary base 2123: 2119: 2114: 2102: 2099: 2096: 2093: 2090: 2087: 2086: 2085: 2083: 2075: 2070: 2053: 2049: 2046: 2043: 2040: 2038: 2034: 2030: 2027: 2024: 2021: 2020: 2019: 2017: 2016:Bank of Japan 2009: 2005: 1993: 1988: 1985: 1983: 1979: 1976: 1973: 1970: 1966: 1962: 1961: 1960: 1958: 1949: 1944: 1934: 1930: 1928: 1924: 1920: 1916: 1896: 1893: 1888: 1886: 1882: 1876: 1872: 1870: 1866: 1862: 1854: 1851: 1848: 1844: 1841: 1840: 1839: 1837: 1833: 1820: 1817: 1814: 1811: 1808: 1805: 1802: 1799: 1796: 1795:monetary base 1792: 1789: 1786: 1779: 1778: 1772: 1770: 1768: 1766: 1764: 1762: 1760: 1756: 1755: 1752: 1749: 1747: 1745: 1743: 1741: 1738: 1734: 1733: 1730: 1727: 1724: 1722: 1720: 1718: 1715: 1711: 1710:Time deposits 1708: 1707: 1703: 1700: 1697: 1694: 1692: 1690: 1688: 1685: 1684: 1680: 1677: 1674: 1671: 1669: 1667: 1664: 1660: 1659: 1655: 1652: 1649: 1646: 1644: 1642: 1640: 1637: 1636: 1632: 1629: 1626: 1623: 1621: 1619: 1616: 1613: 1612: 1609: 1607: 1605: 1603: 1600: 1598: 1595: 1591: 1587: 1586: 1583: 1581: 1579: 1577: 1574: 1572: 1569: 1565: 1564: 1560: 1557: 1554: 1551: 1548: 1545: 1542: 1538: 1537: 1533: 1530: 1527: 1524: 1521: 1518: 1515: 1514: 1511: 1509: 1504: 1502: 1498: 1493: 1491: 1483: 1479: 1474: 1466: 1457: 1455: 1450: 1444: 1442: 1438: 1434: 1430: 1426: 1421: 1419: 1415: 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Retrieved 3146: 3137: 3112: 3108: 3098: 3088: 3085:Karl Brunner 3080: 3065: 3051:Money market 2996:Chicago plan 2972:Money portal 2947: 2939:Paul Volcker 2930: 2896: 2868: 2833: 2736: 2680: 2671: 2669:and output. 2655: 2632: 2617: 2607: 2601: 2595: 2585: 2581: 2572: 2540: 2534: 2528: 2519: 2497: 2491: 2485: 2475: 2466: 2441: 2429: 2408: 2402:created the 2400: 2396: 2390: 2381: 2367: 2358: 2340: 2326: 2308: 2286: 2261: 2243: 2225: 2156: 2150: 2140: 2127: 2100: 2094: 2088: 2079: 2047: 2041: 2028: 2022: 2013: 1994:revaluation. 1955:Hong Kong's 1954: 1931: 1922: 1912: 1889: 1877: 1873: 1871:component. 1868: 1864: 1860: 1858: 1852: 1842: 1829: 1818: 1812: 1806: 1800: 1790: 1780: 1507: 1505: 1494: 1489: 1487: 1445: 1441:money demand 1422: 1391: 1386: 1382: 1378: 1375:central bank 1342: 1339:money supply 1338: 1332: 1104:Trade policy 1091:Money supply 1090: 1069:central bank 1042:requirements 995:Fiscal union 896:Agricultural 742:Paul Krugman 687:Hyman Minsky 647:Alvin Hansen 531: 530: 471: 434:Econometrics 411:Overshooting 364:Harrod–Domar 359:Arrow–Debreu 306:Central bank 273:Unemployment 263:Supply shock 221:Money supply 220: 98:Disinflation 93:Demand shock 29: 6555:New Zealand 6513:2020–2022; 6477:New Zealand 6450:2007–2009; 6396:1990–1991; 6380:(1982–2007) 6348:1980–1982; 6320:(1973–1982) 6298:(1957–1958) 6292:(1953–1954) 6286:(1948–1949) 6274:(1945–1973) 6239:New Zealand 6222:1929–1939; 6198:(1918–1919) 6189:(1918–1939) 6171:(1910–1912) 6165:(1907–1908) 6159:(1902–1904) 6150:(1893–1897) 6144:(1890–1891) 6120:1873–1879; 6109:(1870–1914) 6092:(1869–1870) 6086:(1865–1867) 6077:(1857–1858) 6068:(1847–1848) 6056:(1840–1870) 6027:(1825–1826) 6018:(1815–1821) 6003:(1796–1799) 5997:(1789–1793) 5969:1772–1774; 5958:(1760–1840) 5936:(1430–1490) 5934:Great Slump 5927:(1000–1760) 5873:Stagflation 5832:Yield curve 5778:Price level 5418:von Neumann 5187:Supply-side 5172:Physiocracy 5116:Marginalism 4805:Information 4745:Engineering 4725:Development 4720:Demographic 4591:Game theory 4568:Theoretical 4301:www.imf.org 4227:Azizonomics 3844:December 3, 2693:from 1911: 2652:IS-LM model 2639:IS-LM model 2514:New Zealand 2505:New Zealand 2492:Broad money 2349:eurodollars 2134:broad money 2033:quasi-money 1343:money stock 1192:Tax revenue 622:Léon Walras 516:Supply-side 349:Accelerator 258:Stagflation 243:Price level 138:Demand-pull 6592:Categories 6520:Bangladesh 6457:Bangladesh 6101:Gilded Age 5853:Depression 5805:Stagnation 5575:Economists 5448:Schumacher 5353:Schumpeter 5323:von Wieser 5243:von Thünen 5203:Economists 5102:Circuitism 5067:Humanistic 5062:Historical 5037:Ecological 5027:Democratic 5000:Chartalism 4990:Behavioral 4953:Mainstream 4914:Statistics 4909:Solidarity 4830:Managerial 4795:Humanistic 4790:Historical 4735:Ecological 4700:Behavioral 4332:August 12, 3987:"Glossary" 3753:August 13, 3538:August 29, 3205:August 20, 3153:August 16, 3058:References 2991:Chartalism 2921:Bundesbank 2663:investment 2658:John Hicks 2643:monetarist 2548:South Asia 2498:Money base 2031:: M1 plus 1568:vault cash 1482:recessions 1454:employment 1429:monetarist 1396:, whereas 1141:Trade bloc 1116:Free trade 941:Policy mix 916:Investment 911:Industrial 677:John Hicks 607:Adam Smith 565:Circuitism 555:Ecological 543:Chartalism 494:Monetarism 472:Mainstream 369:Solow–Swan 344:Multiplier 301:Commercial 197:Endogenous 155:Investment 6603:Inflation 6560:Singapore 6515:Australia 6492:Sri Lanka 6452:Australia 6398:Australia 6224:Australia 6214:1926–1927 6211:1923–1924 6177:(1913–14) 6153:1899–1900 6009:1807–1810 6006:1802–1804 5987:1785–1788 5912:Sahm rule 5843:Recession 5744:Inflation 5740:Deflation 5493:Greenspan 5458:Samuelson 5438:Galbraith 5408:Tinbergen 5348:von Mises 5343:Heckscher 5303:Edgeworth 5182:Stockholm 5177:Socialist 5077:Keynesian 5057:Happiness 5017:Classical 4978:Mutualism 4973:Anarchist 4958:Heterodox 4855:Personnel 4815:Knowledge 4780:Happiness 4770:Financial 4740:Education 4715:Democracy 4650:Empirical 4560:Economics 4283:236417850 4275:1697-5731 4150:lse.ac.uk 4106:CiteSeerX 3770:Economics 3129:158727007 2899:empirical 2719:× 2707:× 2636:Keynesian 2455:Australia 2335:inflation 2315:, retail 2209:bank runs 1909:Hong Kong 1904:East Asia 1437:inflation 1402:banknotes 775:Economics 617:Karl Marx 532:Heterodox 511:Stockholm 477:Keynesian 248:Recession 143:Cost-push 133:Inflation 88:Deflation 6545:Malaysia 6530:Botswana 6482:Pakistan 6472:Malaysia 5976:Scotland 5836:Inverted 5800:Recovery 5604:Category 5584:journals 5570:Glossary 5523:Stiglitz 5488:Rothbard 5468:Buchanan 5453:Friedman 5443:Koopmans 5433:Leontief 5413:Robinson 5298:Marshall 5148:Lausanne 5052:Georgism 5047:Feminist 4995:Buddhist 4985:Austrian 4884:Regional 4860:Planning 4835:Monetary 4765:Feminist 4710:Cultural 4705:Business 4523:Business 4358:July 31, 4232:April 2, 4089:(2004). 3680:cite web 3419:April 2, 3378:April 2, 3328:July 20, 3306:July 20, 3226:Archived 3179:July 20, 2958:See also 2844:velocity 2840:identity 2641:and the 2416:Ron Paul 2370:: 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780:Applied 577:Marxian 467:Schools 6575:Zambia 6535:Canada 6525:Belize 6462:Canada 6427:(2001) 6403:Canada 6350:Canada 6229:Canada 5900:Supply 5895:Demand 5868:Shapes 5858:Global 5768:demand 5693:Supply 5528:Thaler 5508:Ostrom 5503:Becker 5498:Sowell 5478:Baumol 5383:Myrdal 5378:Sraffa 5373:Frisch 5363:Knight 5358:Keynes 5333:Fisher 5328:Veblen 5313:Pareto 5293:Menger 5288:George 5283:Jevons 5278:Walras 5268:Gossen 5192:Thermo 4870:Public 4865:Policy 4820:Labour 4785:Health 4281: 4273: 4126: 4108: 4069: 3776: 3612: 3529: 3127: 2915:, the 2737:where 2219:M2 vs 2059:Europe 1967:, the 1963:1967: 1433:causal 1363:assets 1357:) and 1271:Portal 1242:Reform 1136:Tariff 966:policy 961:Budget 931:Fiscal 921:Social 906:Energy 595:People 323:Models 291:Fiscal 268:Saving 128:Growth 6540:India 6467:India 6234:India 5890:Shock 5708:Model 5614:Lists 5609:Index 5560:Lists 5533:Hoppe 5518:Lucas 5483:Solow 5473:Arrow 5463:Simon 5428:Lange 5423:Hicks 5398:Röpke 5388:Hayek 5338:Pigou 5308:Clark 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