How much money is circulating in the United Kingdom? The question
sounds simple. In fact, it is notoriously difficult to answer,
because what counts as money is not a straightforward matter. A
variety of measures have been advanced, and they tell different
stories about the changing supply of money in an economy. These
differences are of more than merely academic interest, because
measures of the money supply are inputs to the decisions of central
banks. Wrong answers can lead to wrong actions, with potentially
devastating economic effects. This book examines the measure of
money and, in that light, the actions of the Bank of England in the
lead up to the 2008 financial crisis and its aftermath. It is
essential reading for anyone interested in money, measures of its
quantity, and the relationship between the money supply and the
economic cycle.
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