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Ryland Thomas

This chapter shares a similar conceptual framework to the previous chapter, while criticizing some of its conclusions. The chapter argues that QE’s positive impact on the quantity of money in the UK was less than the size of QE operations because of ‘leakages’, while noting that changes in money’s velocity of circulation – as well as changes in the quantity of money – mattered to the cyclical path of demand and output from 2008 to 2011.