Did a Crash in Money Growth Cause the Global Slump?
Edited by Tim Congdon
Chapter 8: Monetary policy, asset prices and financial institutions
Asset price movements before, during and after the Great Recession were extreme, and had an important role in motivating the fluctuations in expenditure. Economic theory has several theories of the determination of asset prices, including the controversial so-called ‘efficient markets hypothesis’. Some economists have argued that changes in the quantity of money have an important bearing on changes in the prices of assets in general. The chapter compares and contrasts the ideas put forward by these economists with other approaches, notably from the New Classical thinking and New Keynesianism, and from the Austrian School.
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