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Some Alternative Monetary Facts

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  • Mr. Peter Stella
  • Mr. Manmohan Singh

Abstract

In this paper, we discuss the modern history of monetarism and its alternatives, as well as the changing empirical relationship of various measures of money and inflation. After demonstrating that previous naïve correlations between money and inflation as established in the 20th century literature have largely disappeared, we explain why this cannot be taken as support for an increased reliance on permanent monetary finance. Rather, we argue that rapid technological innovation in payments systems—both public and private—including in global pledged collateral markets, portends a declining demand for central bank liabilities.

Suggested Citation

  • Mr. Peter Stella & Mr. Manmohan Singh, 2021. "Some Alternative Monetary Facts," IMF Working Papers 2021/006, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2021/006
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=49975
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    Cited by:

    1. Bindseil, Ulrich & Marrazzo, Marco & Sauer, Stephan, 2024. "The impact of central bank digital currency on central bank profitability, risk-taking and capital," Occasional Paper Series 360, European Central Bank.
    2. Marcelo A. T. Aragão, 2021. "A Few Things You Wanted to Know about the Economics of CBDCs, but were Afraid to Model: a survey of what we can learn from who has done," Working Papers Series 554, Central Bank of Brazil, Research Department.

    More about this item

    Keywords

    money aggregates; monetary financing; central bank balance sheet; WP; bank reserves; interest rate; financial market; balance sheet expansion; money demand;
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