Getting the Measure of Money (2018)

See more on the IEA website:


  1. M: The importance of alternative monetary aggregates (spreadsheet)
  2. V: Velocity shocks, regime uncertainty and the central bank (spreadsheet)
  3. P: The hidden inflation of the Great Moderation (spreadsheet)
  4. Y: GDP, Gross Output, and the structure of production (spreadsheet)

Appendix 1: MA Data series and backdating methods

For updated MA and private investment data:

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