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Will the Current Money Growth Acceleration Increase Inflation?

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  • Tim Congdon

Abstract

The coronavirus pandemic has not only come as a profound shock to the major economies, but also exposed tensions between leading schools of thought. Uncertainty has arisen about the medium- and long-term consequences of the policy responses to COVID-19. Will the pandemic, and the consequent major upheaval in economic policy, lead to deflation or more inflation? This article—which is intended above all as a contribution to the emerging deflation vs. inflation debate—begins by discussing official policy in recent months. It then states a position in the tradition of the quantity theory of money and develops the argument that inflation will rise significantly in the aftermath of the pandemic.

Suggested Citation

  • Tim Congdon, 2020. "Will the Current Money Growth Acceleration Increase Inflation?," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 21(2), pages 1-24, April.
    • Handle: RePEc:wej:wldecn:784
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    File URL: https://www.worldeconomics.com/Journal/Papers/Article.details?ID=784
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    Cited by:

    1. Nikolay Nenovsky, 2020. "The Theory of the Emission Economy Bolshevik roots of "Modern Monetary Theory"," Working Papers hal-04084551, HAL.
    2. Tim Congdon, 2023. "If ‘money matters’, what about the monetary base?," Economic Affairs, Wiley Blackwell, vol. 43(2), pages 185-200, June.
    3. Tim Congdon, 2021. "Interest rates or quantity of money? Edward Nelson on Milton Friedman," Economic Affairs, Wiley Blackwell, vol. 41(2), pages 320-335, June.

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