On 26 August 2009, Baxendale and Evans’ paper Assessing UK Money Supply Measures in Light of the Credit Crunch made the top ten papers of the past sixty days on the Social Science Research Network. From the abstract:
Following the credit crunch renewed attention has been given to the relationship between the money supply and the operational efficacy of the Bank of England. We present a theoretical definition of the money supply developed by Frank Shostak, called “Austrian money supply” (MA) and present calculations for the UK economy. We find preliminary evidence that MA provides a constructive interpretation of broader macroeconomic activity and warrants further attention from academics and policymakers.
The paper can be downloaded here and our article presenting the background and key findings may be found here.
Congratulations Toby and Anthony!
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