Money Still Talks - Is Anyone Listening?
Monetary authorities should keep an eye on money growth in the economy to help stimulate and monitor the recovery. Money growth, meaning the pace of expansion in the quantity of money held by the public and readily accessible deposits at financial institutions, is proving prescient in the current situation. While skeptics of QE will be inclined to attribute the recent surge of US money growth and signs of recovery in its wake to coincidence, advocates will suggest that QE's first round in 2009 prevented a collapse of the money supply like the one that turned the initial downturn of 1929/30 into the Great Depression, and that its second round is now promoting recovery.
|Date of creation:||May 2012|
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|Publication status:||Published on the C.D. Howe Institute website, May 2012|
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- Philippe Bergevin & David Laidler, 2010. "Putting Money Back into Monetary Policy: A Monetary Anchor for Price and Financial Stability," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 312, October.
- Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867-1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1.
- David Laidler, 2004. "Monetary Policy after Bubbles Burst: The Zero Lower Bound, the Liquidity Trap and the Credit Deadlock," Canadian Public Policy, University of Toronto Press, vol. 30(3), pages 333-340, September.
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