Money supply - Knowledge

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,

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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

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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

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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

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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

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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

5637: 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 5630: 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. 5623: 6541: 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).

6546: 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

6531: 2817: 2795: 2769: 2747: 3565: 6521: 2999: 758: 6511: 6516: 3548: 5786: 5646: 2520:: notes and coins held by the public plus chequeable deposits, minus inter-institutional chequeable deposits, and minus central government deposits 843: 5615: 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: 6029: 5654: 5600: 5556: 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: 6389: 6336: 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

6247: 5854: 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

5859: 5650: 3157: 2939: 3949: 6225: 5957: 5952: 5947: 5941: 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: 6230: 5759: 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. 6478: 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.

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

836: 3927: 4539: 3284: 2424:("Fed") accounts are interchangeable (both are obligations of the Fed). Reserves may come from any source, including the 6374: 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.

6220: 3717: 3183: 455: 4079: 3637: 2033:: M2 + CDs plus deposits of post offices; other savings and deposits with financial institutions; and money trusts 6438: 5645: 829: 6172: 5038: 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. 6200: 5916: 5008: 4998: 4691: 1359: 560: 367: 5219: 4159:

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

2989: 6082: 5158: 5131: 1278: 499: 487: 4392: 1528:

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

6396: 6178: 6110: 5585: 5566: 5143: 4988: 4954: 4939: 4918: 4913: 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

6453: 6428: 6283: 6278: 6237: 6205: 5992: 5910: 5560: 5136: 4826: 4816: 4485: 3019: 2164: 1957: 1824: 509: 492: 372: 4469: 4003: 6473: 6463: 6210: 4706: 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: 6574: 6363: 6151: 5590: 5536: 5279: 5234: 5073: 4944: 4821: 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: 5294: 6468: 6458: 6448: 6443: 6433: 6313: 6308: 6303: 5824: 5244: 5078: 5068: 5058: 5048: 4786: 4776: 4736: 4726: 4606: 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. 6215: 6145: 5977: 5414: 5259: 5119: 5062: 5018: 4981: 4731: 4671: 4646: 4616: 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 6401: 6384: 6379: 6368: 6331: 6326: 6320: 5931: 5900: 5798: 5546: 5229: 5204: 5189: 5163: 5102: 4781: 4721: 4701: 4696: 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: 5967: 5812: 5595: 5299: 5043: 5013: 4966: 4929: 4855: 4806: 4771: 4711: 4676: 4611: 3014: 2931: 2679: 2341: 2301: 2283: 2266: 2236: 2209: 1945: 1702: 1603: 543: 357: 202: 4556: 3062: 8: 6066: 5921: 5829: 5781: 5749: 5730: 5525: 5334: 5153: 5053: 5033: 4993: 4949: 4934: 4890: 4831: 4756: 4746: 4716: 4639: 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: 5194: 4626: 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: 6579: 6551: 6536: 6526: 6506: 6501: 6496: 6491: 6485: 5803: 5771: 5580: 5551: 5509: 5314: 5023: 5003: 4971: 4885: 4880: 4860: 4811: 4751: 4741: 4686: 4681: 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.

6272: 6266: 6260: 5866: 5839: 5776: 5764: 5725: 5694: 5444: 5419: 5329: 5209: 5097: 4900: 4836: 4801: 4791: 4661: 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: 5369: 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: 6353: 6348: 6194: 6183: 5844: 5834: 5744: 5704: 5699: 5674: 5669: 5665: 5494: 5439: 5424: 5409: 5394: 5324: 5304: 5284: 5239: 4846: 4796: 4766: 4761: 4651: 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: 5374: 3109: 6422: 6412: 6162: 6103: 6098: 6092: 5684: 5605: 5499: 5464: 5429: 5364: 5289: 5274: 5168: 5124: 4961: 4895: 4870: 4865: 4841: 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

5711: 5689: 5519: 5504: 5469: 5454: 5434: 5404: 5224: 4875: 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: 5254: 1975:

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

610: 6568: 6139: 6133: 6124: 6118: 6060: 6051: 6042: 6024: 6013: 6001: 5971: 5793: 5484: 5474: 5449: 5389: 5384: 5379: 5359: 5349: 5319: 5309: 5214: 5114: 5087: 4851: 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: 5883: 5876: 5871: 5735: 5679: 5514: 5459: 5354: 5344: 5339: 5264: 5109: 4634: 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:

6293: 5849: 5808: 5754: 5489: 5479: 5269: 5148: 5092: 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

6077: 5399: 5199: 4976: 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

5888: 5819: 5720: 5716: 5249: 5179: 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: 5028: 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

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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 6566: 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 5631: 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: 5638: 5624: 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. 6567: 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 5619: 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 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: 5942: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: 6591: 5655: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) 5063: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: 5651: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: 4999: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: 6397:1997 Asian financial crisis 6030:Civil War-era United States 3217:September 15, 2015, at the 2946: 2511:Reserve Bank of New Zealand 2052: 1360:national statistical agency 10: 6596: 6173:Post–World War I recession 5993:Post-Napoleonic Depression 5137: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 6411: 6347: 6292: 6246: 6161: 6083:2nd Industrial Revolution 6076: 6023: 6016:(1836–1838 and 1839–1843) 5932:1st Industrial Revolution 5930: 5899: 5700:Price-and-wage stickiness 5661: 5577: 5535: 5177: 4911: 4660: 4625: 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 6364:1990s United States boom 6152: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 6179:Depression of 1920–1921 6111:Depression of 1882–1885 6025:Early Victorian Britain 5760:Real and nominal values 4777:Industrial organization 4607: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 6284:Recession of 1969–1970 6279:Recession of 1960–1961 6238:Recession of 1937–1938 4982:Modern monetary theory 4647:Experimental economics 4617: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 6402:Early 2000s recession 6369:Early 1990s recession 6321:Early 1980s recession 5901:Commercial revolution 5799: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 5968:Copper Panic of 1789 4856:Social choice theory 4612:Behavioral 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 6304:1973–1975 recession 6248:Post–WWII expansion 5922:Great Frost of 1709 5750:Neutrality of money 5731:Classical dichotomy 5647:Economic expansions 4940:American (National) 4640: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 6486:COVID-19 recession 6146:Panic of 1910–1911 5978:Panic of 1796–1797 5804:Real interest rate 5772: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 6562: 6561: 6273:Recession of 1958 6267:Recession of 1953 6261:Recession of 1949 5958:Thirteen Colonies 5765:Velocity of money 5695:Paradox of thrift 5613: 5612: 5144: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 6587: 6354:Great Regression 6349:Great Moderation 6195:Great Depression 6184:Roaring Twenties 5705:Underconsumption 5675:Effective demand 5666:Aggregate demand 5640: 5633: 5626: 5617: 5616: 4817:Natural resource 4652: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: 6595: 6594: 6590: 6589: 6588: 6586: 6585: 6584: 6575:Monetary policy 6565: 6564: 6563: 6558: 6423:Great Recession 6415: 6413:Information Age 6407: 6356: 6352: 6343: 6296: 6294:Great Inflation 6288: 6250: 6242: 6165: 6163:Interwar period 6157: 6093:Long Depression 6085: 6081: 6072: 6032: 6028: 6019: 5934: 5926: 5903: 5895: 5860:U.S. recessions 5855:U.K. recessions 5787:U.S. expansions 5657: 5644: 5614: 5609: 5606:Business portal 5573: 5572: 5571: 5531: 5295:von Böhm-Bawerk 5183: 5182: 5173: 4945:Ancient thought 4923: 4922: 4916: 4907: 4906: 4905: 4656: 4621: 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: 6593: 6583: 6582: 6577: 6560: 6559: 6557: 6556: 6555: 6554: 6549: 6544: 6542:United Kingdom 6539: 6534: 6529: 6524: 6519: 6514: 6509: 6504: 6499: 6494: 6483: 6482: 6481: 6476: 6474:United Kingdom 6471: 6466: 6461: 6456: 6451: 6446: 6441: 6436: 6431: 6419: 6417: 6416:(2007–present) 6409: 6408: 6406: 6405: 6399: 6394: 6393: 6392: 6387: 6385:United Kingdom 6382: 6377: 6366: 6360: 6358: 6345: 6344: 6342: 6341: 6340: 6339: 6334: 6332:United Kingdom 6329: 6318: 6317: 6316: 6311: 6309:United Kingdom 6300: 6298: 6290: 6289: 6287: 6286: 6281: 6276: 6270: 6264: 6258: 6254: 6252: 6244: 6243: 6241: 6240: 6235: 6234: 6233: 6228: 6226:United Kingdom 6223: 6218: 6213: 6208: 6203: 6192: 6189: 6186: 6181: 6176: 6169: 6167: 6159: 6158: 6156: 6155: 6149: 6143: 6137: 6131: 6128: 6122: 6116: 6113: 6108: 6107: 6106: 6101: 6099:United Kingdom 6089: 6087: 6074: 6073: 6071: 6070: 6064: 6058: 6055: 6049: 6046: 6040: 6036: 6034: 6021: 6020: 6018: 6017: 6011: 6008: 6005: 5999: 5996: 5990: 5987: 5984: 5981: 5975: 5965: 5962: 5961: 5960: 5955: 5950: 5938: 5936: 5928: 5927: 5925: 5924: 5919: 5914: 5907: 5905: 5897: 5896: 5894: 5893: 5892: 5891: 5881: 5880: 5879: 5874: 5864: 5863: 5862: 5857: 5852: 5847: 5842: 5837: 5832: 5827: 5817: 5816: 5815: 5806: 5801: 5791: 5790: 5789: 5784: 5779: 5769: 5768: 5767: 5762: 5757: 5752: 5747: 5738: 5733: 5728: 5714: 5712:Business cycle 5709: 5708: 5707: 5702: 5697: 5692: 5690:Overproduction 5687: 5682: 5677: 5662: 5659: 5658: 5643: 5642: 5635: 5628: 5620: 5611: 5610: 5608: 5603: 5598: 5593: 5588: 5583: 5578: 5575: 5574: 5570: 5569: 5564: 5554: 5549: 5543: 5542: 5541: 5539: 5533: 5532: 5530: 5529: 5522: 5517: 5512: 5507: 5502: 5497: 5492: 5487: 5482: 5477: 5472: 5467: 5462: 5457: 5452: 5447: 5442: 5437: 5432: 5427: 5422: 5417: 5412: 5407: 5402: 5397: 5392: 5387: 5382: 5377: 5372: 5367: 5362: 5357: 5352: 5347: 5342: 5337: 5332: 5327: 5322: 5317: 5312: 5307: 5302: 5297: 5292: 5287: 5282: 5277: 5272: 5267: 5262: 5257: 5252: 5247: 5242: 5237: 5232: 5227: 5222: 5217: 5212: 5207: 5202: 5197: 5192: 5186: 5184: 5178: 5175: 5174: 5172: 5171: 5166: 5161: 5156: 5151: 5146: 5141: 5140: 5139: 5129: 5128: 5127: 5117: 5112: 5107: 5106: 5105: 5095: 5090: 5085: 5084: 5083: 5082: 5081: 5071: 5066: 5051: 5046: 5041: 5036: 5031: 5026: 5021: 5016: 5011: 5009:Disequilibrium 5006: 5001: 4996: 4991: 4986: 4985: 4984: 4974: 4969: 4964: 4959: 4958: 4957: 4947: 4942: 4937: 4932: 4926: 4924: 4912: 4909: 4908: 4904: 4903: 4898: 4893: 4888: 4883: 4878: 4873: 4868: 4863: 4858: 4849: 4844: 4839: 4834: 4829: 4824: 4822:Organizational 4819: 4814: 4809: 4804: 4799: 4794: 4789: 4784: 4779: 4774: 4769: 4764: 4759: 4754: 4749: 4744: 4739: 4734: 4729: 4724: 4719: 4714: 4709: 4704: 4699: 4694: 4689: 4684: 4679: 4674: 4668: 4667: 4666: 4664: 4658: 4657: 4655: 4654: 4649: 4644: 4643: 4642: 4631: 4629: 4623: 4622: 4620: 4619: 4614: 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: 4430: 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: 2868: 2852: 2848: 2844: 2840: 2836: 2824: 2821: 2820: 2808: 2798: 2786: 2776: 2760: 2750: 2738: 2724: 2723: 2712: 2709: 2706: 2703: 2700: 2697: 2694: 2667: 2664: 2642: 2639: 2619: 2616: 2615: 2614: 2604: 2594: 2588: 2582: 2543: 2540: 2538: 2535: 2534: 2533: 2527: 2521: 2495: 2492: 2491: 2490: 2484: 2478: 2472: 2445: 2442: 2440: 2437: 2384: 2383: 2377: 2368: 2354: 2345: 2327: 2313: 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: 1813: 1812: 1811: 1805: 1799: 1793: 1787: 1777: 1764: 1763: 1760: 1758: 1756: 1754: 1752: 1750: 1743: 1742: 1740: 1737: 1735: 1733: 1731: 1729: 1721: 1720: 1718: 1715: 1712: 1710: 1708: 1706: 1695: 1694: 1691: 1688: 1685: 1682: 1680: 1678: 1672: 1671: 1668: 1665: 1662: 1659: 1657: 1655: 1647: 1646: 1643: 1640: 1637: 1634: 1632: 1630: 1624: 1623: 1620: 1617: 1614: 1611: 1609: 1607: 1600: 1599: 1597: 1595: 1593: 1591: 1588: 1586: 1574: 1573: 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: 1248: 1245: 1244: 1239: 1233: 1230: 1229: 1226: 1225: 1222: 1221: 1216: 1211: 1205: 1202: 1201: 1198: 1197: 1194: 1193: 1188: 1183: 1178: 1172: 1169: 1168: 1163: 1157: 1156: 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: 6592: 6581: 6578: 6576: 6573: 6572: 6570: 6553: 6550: 6548: 6547:United States 6545: 6543: 6540: 6538: 6535: 6533: 6530: 6528: 6525: 6523: 6520: 6518: 6515: 6513: 6510: 6508: 6505: 6503: 6500: 6498: 6495: 6493: 6489: 6488: 6487: 6484: 6480: 6479:United States 6477: 6475: 6472: 6470: 6467: 6465: 6462: 6460: 6457: 6455: 6452: 6450: 6447: 6445: 6442: 6440: 6437: 6435: 6432: 6430: 6426: 6425: 6424: 6421: 6420: 6418: 6414: 6410: 6403: 6400: 6398: 6395: 6391: 6390:United States 6388: 6386: 6383: 6381: 6378: 6376: 6372: 6371: 6370: 6367: 6365: 6362: 6361: 6359: 6355: 6350: 6346: 6338: 6337:United States 6335: 6333: 6330: 6328: 6324: 6323: 6322: 6319: 6315: 6314:United States 6312: 6310: 6307: 6306: 6305: 6302: 6301: 6299: 6295: 6291: 6285: 6282: 6280: 6277: 6274: 6271: 6268: 6265: 6262: 6259: 6256: 6255: 6253: 6249: 6245: 6239: 6236: 6232: 6231:United States 6229: 6227: 6224: 6222: 6219: 6217: 6214: 6212: 6209: 6207: 6204: 6202: 6198: 6197: 6196: 6193: 6190: 6187: 6185: 6182: 6180: 6177: 6174: 6171: 6170: 6168: 6164: 6160: 6153: 6150: 6147: 6144: 6141: 6140:Panic of 1907 6138: 6135: 6134:Panic of 1901 6132: 6129: 6126: 6125:Panic of 1893 6123: 6120: 6119:Baring crisis 6117: 6114: 6112: 6109: 6105: 6104:United States 6102: 6100: 6096: 6095: 6094: 6091: 6090: 6088: 6084: 6079: 6075: 6068: 6065: 6062: 6061:Panic of 1866 6059: 6056: 6053: 6052:Panic of 1857 6050: 6047: 6044: 6043:Panic of 1847 6041: 6038: 6037: 6035: 6031: 6026: 6022: 6015: 6014:Panic of 1837 6012: 6009: 6006: 6003: 6002:Panic of 1825 6000: 5997: 5994: 5991: 5988: 5985: 5982: 5979: 5976: 5973: 5972:Panic of 1792 5969: 5966: 5963: 5959: 5956: 5954: 5951: 5949: 5945: 5944: 5943: 5940: 5939: 5937: 5933: 5929: 5923: 5920: 5918: 5917:Slump of 1706 5915: 5912: 5909: 5908: 5906: 5902: 5898: 5890: 5887: 5886: 5885: 5882: 5878: 5875: 5873: 5870: 5869: 5868: 5865: 5861: 5858: 5856: 5853: 5851: 5848: 5846: 5843: 5841: 5838: 5836: 5833: 5831: 5828: 5826: 5825:Balance sheet 5823: 5822: 5821: 5818: 5814: 5810: 5807: 5805: 5802: 5800: 5797: 5796: 5795: 5794:Interest rate 5792: 5788: 5785: 5783: 5780: 5778: 5775: 5774: 5773: 5770: 5766: 5763: 5761: 5758: 5756: 5753: 5751: 5748: 5746: 5742: 5739: 5737: 5734: 5732: 5729: 5727: 5724: 5723: 5722: 5718: 5715: 5713: 5710: 5706: 5703: 5701: 5698: 5696: 5693: 5691: 5688: 5686: 5683: 5681: 5678: 5676: 5673: 5672: 5671: 5667: 5664: 5663: 5660: 5656: 5652: 5648: 5641: 5636: 5634: 5629: 5627: 5622: 5621: 5618: 5607: 5604: 5602: 5599: 5597: 5594: 5592: 5589: 5587: 5584: 5582: 5579: 5576: 5568: 5565: 5562: 5558: 5555: 5553: 5550: 5548: 5545: 5544: 5540: 5538: 5534: 5528: 5527: 5523: 5521: 5518: 5516: 5513: 5511: 5508: 5506: 5503: 5501: 5498: 5496: 5493: 5491: 5488: 5486: 5483: 5481: 5478: 5476: 5473: 5471: 5468: 5466: 5463: 5461: 5458: 5456: 5453: 5451: 5448: 5446: 5443: 5441: 5438: 5436: 5433: 5431: 5428: 5426: 5423: 5421: 5418: 5416: 5413: 5411: 5408: 5406: 5403: 5401: 5398: 5396: 5393: 5391: 5388: 5386: 5383: 5381: 5378: 5376: 5373: 5371: 5368: 5366: 5363: 5361: 5358: 5356: 5353: 5351: 5348: 5346: 5343: 5341: 5338: 5336: 5333: 5331: 5328: 5326: 5323: 5321: 5318: 5316: 5313: 5311: 5308: 5306: 5303: 5301: 5298: 5296: 5293: 5291: 5288: 5286: 5283: 5281: 5278: 5276: 5273: 5271: 5268: 5266: 5263: 5261: 5258: 5256: 5253: 5251: 5248: 5246: 5243: 5241: 5238: 5236: 5233: 5231: 5228: 5226: 5223: 5221: 5218: 5216: 5213: 5211: 5208: 5206: 5203: 5201: 5198: 5196: 5193: 5191: 5190:de Mandeville 5188: 5187: 5185: 5181: 5176: 5170: 5167: 5165: 5162: 5160: 5157: 5155: 5152: 5150: 5147: 5145: 5142: 5138: 5135: 5134: 5133: 5132:New classical 5130: 5126: 5123: 5122: 5121: 5118: 5116: 5113: 5111: 5108: 5104: 5101: 5100: 5099: 5096: 5094: 5091: 5089: 5088:Malthusianism 5086: 5080: 5077: 5076: 5075: 5072: 5070: 5067: 5064: 5060: 5057: 5056: 5055: 5052: 5050: 5049:Institutional 5047: 5045: 5042: 5040: 5037: 5035: 5032: 5030: 5027: 5025: 5022: 5020: 5017: 5015: 5012: 5010: 5007: 5005: 5002: 5000: 4997: 4995: 4992: 4990: 4987: 4983: 4980: 4979: 4978: 4975: 4973: 4970: 4968: 4965: 4963: 4960: 4956: 4953: 4952: 4951: 4948: 4946: 4943: 4941: 4938: 4936: 4933: 4931: 4928: 4927: 4925: 4920: 4915: 4910: 4902: 4899: 4897: 4894: 4892: 4889: 4887: 4884: 4882: 4879: 4877: 4874: 4872: 4869: 4867: 4864: 4862: 4859: 4857: 4853: 4852:Public choice 4850: 4848: 4845: 4843: 4840: 4838: 4835: 4833: 4830: 4828: 4827:Participation 4825: 4823: 4820: 4818: 4815: 4813: 4810: 4808: 4805: 4803: 4800: 4798: 4795: 4793: 4790: 4788: 4787:Institutional 4785: 4783: 4780: 4778: 4775: 4773: 4770: 4768: 4765: 4763: 4760: 4758: 4755: 4753: 4750: 4748: 4745: 4743: 4740: 4738: 4737:Expeditionary 4735: 4733: 4730: 4728: 4727:Environmental 4725: 4723: 4720: 4718: 4715: 4713: 4710: 4708: 4705: 4703: 4700: 4698: 4695: 4693: 4690: 4688: 4685: 4683: 4680: 4678: 4675: 4673: 4670: 4669: 4665: 4663: 4659: 4653: 4650: 4648: 4645: 4641: 4638: 4637: 4636: 4633: 4632: 4630: 4628: 4624: 4618: 4615: 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: 1388: 1384: 1379: 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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 6569:Categories 6497:Bangladesh 6434:Bangladesh 6078:Gilded Age 5830:Depression 5782:Stagnation 5552:Economists 5425:Schumacher 5330:Schumpeter 5300:von Wieser 5220:von Thünen 5180:Economists 5079:Circuitism 5044:Humanistic 5039:Historical 5014:Ecological 5004:Democratic 4977:Chartalism 4967:Behavioral 4930:Mainstream 4891:Statistics 4886:Solidarity 4807:Managerial 4772:Humanistic 4767:Historical 4712:Ecological 4677: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 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