The new era of money supply and its impact on policy

US Federal Reserve, Washington, DC
The Federal Reserve has expanded its balance sheet dramatically in recent years

The massive expansion of central bank balance sheets since 2009 in countries with well-developed financial markets has not yet led to accelerating inflation. In a recent IMF working paper, we show how the empirical relationship of various measures of money and inflation has changed. Understanding how money is created in the economy is essential if we are to understand current policy challenges for central bank and governments.

In our paper, we discuss the modern history of monetarism and its

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