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UK broad money growth and nominal spending during the Great Recession: an analysis of the money creation process and the role of money demand

In: Money in the Great Recession

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  • Ryland Thomas

Abstract

This chapter shares a similar conceptual framework to the previous chapter, while criticizing some of its conclusions. The chapter argues that QE’s positive impact on the quantity of money in the UK was less than the size of QE operations because of ‘leakages’, while noting that changes in money’s velocity of circulation – as well as changes in the quantity of money – mattered to the cyclical path of demand and output from 2008 to 2011.

Suggested Citation

  • Ryland Thomas, 2017. "UK broad money growth and nominal spending during the Great Recession: an analysis of the money creation process and the role of money demand," Chapters, in: Tim Congdon (ed.), Money in the Great Recession, chapter 3, pages 78-100, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:16533_3
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    File URL: https://www.elgaronline.com/view/9781784717827.00011.xml
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    Cited by:

    1. Tim Congdon, 2021. "Can central banks run out of ammunition? The role of the money‐equities‐interaction channel in monetary policy," Economic Affairs, Wiley Blackwell, vol. 41(1), pages 21-37, February.
    2. Tim Congdon, 2018. "Sir Charles Bean On The Uk'S Decade Of Super†Low Interest Rates: Comment," Economic Affairs, Wiley Blackwell, vol. 38(2), pages 257-264, June.

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    Keywords

    Economics and Finance;

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