Money supply numbers have long been an orphan in the tool kit of the big central banks. This is unfortunate because the numbers have been sending important signals before and during the pandemic.Economists at the Bank for International Settlements have found a statistically and economically significant correlation across a range of countries between excess money growth in 2020 and average inflation in 2021 and 2020. And you do not have to be an out and out devotee of the quantity theory of money to see that the buoyancy of US house prices and equities last year was substantially about too much money chasing too few assets.
在各大央行的工具箱中，货币供应量长期以来如同孤儿。这令人遗憾，因为货币供应量在疫情前和疫情中一直在发出重要信号。
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