Getting the Measure of Money: A Critical Assessment of UK Monetary Indicators
by Anthony J. Evans (Author)

About the Author
Anthony J. Evans is Professor of Economics at ESCP Europe Business School. He has published in a range of academic and trade journals and is the author of Markets for Managers (Wiley, 2014). His work has been covered by most broadsheet newspapers, and he has appeared on Newsnight and the BBC World Service. He is part of the MOC Affiliate Faculty for the Institute for Strategy and Competitiveness at Harvard Business School, and is a member of the Institute of Economic Affairs’ Shadow Monetary Policy Committee. He is a UEFA qualified soccer coach and lives in Hertfordshire with his wife and two children.

About this book
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.

Brief contents
1 Introduction
2 M: The importance of alternative monetary aggregates
    Introduction
    Can money be measured?
    Austrian definitions of the money supply
    The Goldilocks measure
    Divisia money
    Conclusion
3 V: Velocity shocks, regime uncertainty and the central bank
    The demand for money
    Supplier-induced demand and central banks
    Regime uncertainty and big players
    Conclusion
4 P: The hidden inflation of the Great Moderation
    Inflation vs price-level targets
    Fan charts
    Price indices
    Productivity norm
    Conclusion
5 Y: GDP, GO and the structure of production
    Introduction
    National income accounting
    Beyond GDP
    Gross production and capital consumption
    Evidence for the UK economy
    Conclusion
6 Conclusion
    The dynamic process of economic crises
    Policy conclusions

Pages: 206 pages
Publisher: Institute Of Economic Affairs; 1 edition (February 15, 2019)
Language: English
ISBN-10: 0255367678
ISBN-13: 978-0255367677