With this new, plentiful supply of money, he built great public works projects.

But the most recent RRR increases serve mainly to sterilize the passive money supply caused by the increase in foreign exchange reserves.

But rapid growth in foreign exchange reserves means an increase in the domestic money supply, because the PBC issues RMB6.64 (down 3 since June) for every dollar it receives. That means that money supply increase by nearly RMB700 billion in September.

I'll review again these different notions of money supply.

Likewise, he argued that it was an oversupply of money that caused inflation.

In modern terms, the Romans faced a monetary squeeze.

That led to a long period of double digit growth in money supply.

The second has led directly to an increase in the money supply and to price inflation.

Financial innovation has weakened the link between money growth and inflation, for example.

And we can view that as our narrowest definition of the money supply.

At the start of the Revolution, the U.S. money supply stood at 12 million. By the end of the war, it was nearly 500 million.

(To be sure, in the medium or long run, monetary expansion can facilitate increased domestic production and trade, thereby generating positive spillover effects.)

When the first and second arrows lift actual growth above potential growth, monetary expansion will no longer be able to produce substantial GDP or employment gains.

He rightly believed that reducing the money supply would have been too blunt an instrument to use.

But we're not concerned with the interest right now, we're concerned with the money supply.

And this is what people say when they talk about the money supply.

Their report clearly blamed the monetary contraction on the National Bankers.

In addition, banknotes are printed in different relief patterns to help distinguish between them by touch.

For example, here is the average increase in body mass index

For a given supply of money, an increase in the production of goods will increase the value of a currency, because each unit will buy more goods.

Given the high rate of growth in China s money supply, there could be considerable pressures for the yuan to actually depreciate, because a rate of monetary growth that exceeds the growth rate of economic activity tends to cause a currency s exchange rate to fall.

Relatively slow growth in the money supply also led to deflation, worsening the problems of bad debts.

China s intensive economic monetization is a key factor driving its money supply growth.

The second paradox is that monetary expansion may be largely ineffective in the country that undertakes it, but can generate large negative externalities on others.

After the collapse of Lehman Brothers in 2008, the rapid expansion of the money supply in the US and the UK triggered a sharp appreciation of the Japanese yen, as well as of some emerging market currencies.

Likewise, increasing the supply of money relative to a fixed amount of output will lead to a decline in the purchasing power of money, as each currency unit buys fewer goods.

Monetary growth may increase inflationary pressures and the risk of an asset bubble down the road, but it helped ensure that China s economy did not fall into a vicious downturn when the financial crisis hit.

Central banks should give the growth of (broad) money supply more prominence in their monetary policy strategies.

Soon after its creation, the Fed's Great Contraction in the early 1930s would cause the Great Depression.

With flexible exchange rates, however, monetary policy contraction in a major economy would stimulate other economies in the short run, while monetary expansion would damage their performance.

Adding up the impact of the PBC s sterilization efforts, roughly one quarter of China s total monetary base is illiquid.

The bulk of the CFA franc money supply comes from trade between France and its African allies. As a result, the franc zone's basic features have always been scarce money and high interest rates.

As guardians of the nation s money supply and setters of short term interest rates, central bankers have always played a critical role.

The bulk of the CFA franc money supply comes from trade between France and its African allies.

Consequently, maintaining high GDP growth rates requires an ever increasing volume of credit and a continuously growing money supply.

So far during the financial crisis and ensuing recession, the US has been incapable of kick starting credit growth, the major transmission mechanism by which monetary expansion feeds through to domestic economic activity.

Monetarists insist that economies experience inflation when money supply growth persistently exceeds output growth.

In fact, the Fed and other advanced country central banks should not be blamed for the negative effects of monetary expansion, either.

Only 14.60 per capita remained in circulation.

The report is interesting because it compares the deliberate money contraction by the National Bankers after the Civil War, to the Fall of the Roman Empire.

Relative to today's levels of spending on official development assistance and global public goods, however, the amounts are enormous.

The outcome of early November s US mid term elections has effectively denied the Obama administration the option of fiscal expansion.

That precipitation was the abundant growth in money supply in the US, the United Kingdom, and the larger emerging economies.

During the same period, a commonly used measure of monetary growth, M2, increased by only 6.8 .

Relative to global income some 40 trillion the magnitude of monetary growth would be minuscule.