Ryland Thomas

Email: bank-economist@bankofengland.co.uk

Ryland ThomasRyland Thomas is a senior economist in the Monetary Assessment and Strategy Division of the Bank of England. He has worked in a number of roles at the Bank of England ranging from the analysis of UK money and credit aggregates to macroeconomic modelling and forecasting the UK economy. He has published numerous articles on the role of credit and money in the economy. He also has research interests in economic history and long-run historical UK data.

Papers Published in World Economics:

The Link Between Money and Nominal Spending
Author: Ryland Thomas

The recent financial crisis has reignited interest in the role of money and credit in driving economic activity. This article takes a broad overview of the historical data available for assessing the link between money, credit and activity, using the quantity theory of money as an organising framework. The article shows that when trying to apply this theory to historical data, a complicated interaction between money and nominal spending emerges. And a deeper understanding of the forces driving money demand and supply is required to interpret the information contained in money about the level of activity and inflation.

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