Money supply and growth is related to the concepts of fiat and inflation. Most countries central banks set a target inflation rate of a few percentage points and enact this policy through issuance of new currency. This relates to cyclical outputs and often anticipated inflation can have a real effect on the economy.
This is part of the quantity theory of money, which connects money growth and output growth to a sort of causality in economics. Cryptocurrencies often reject this idea of any inflation targets and provide a predetermined money supply curve through issuance over the blockchain. Other currencies may have a set inflation rate per year that does not change.
Inflation can lead to deficits and there are many cases of financial crises related to this idea of inflating currency. Some examples are Argentina from 1977-2006 Indonesia after 1997, Yugoslavia, Albania, and China all have case studies.
At any rate, it is important to have some understanding of this concept and to this end the list of 100 most cited publications on inflation and money are listed below.
- "Money and inflation". F Hahn. 1984. books.google.com . 596 cites.
- "Money, inflation and growth". A Orphanides, RM Solow. 1990. Elsevier Handbook of monetary economics. 291 cites.
- "Real interest, money surprises, anticipated inflation and fiscal deficits". JH Makin. 1983. JSTOR The Review of Economics and Statistics. 221 cites.
- "Inflation, output, and money". EF Fama. 1982. JSTOR Journal of Business. 157 cites.
- "Commodity prices, money and inflation". F Browne, D Cronin. 2010. Elsevier Journal of Economics and Business. 144 cites.
- "Inflation, money demand, and purchasing power parity in South Africa". G Jonsson. 2001. Springer IMF Staff papers. 114 cites.
- "Counter-Cyclical and Counter-Inflation Monetary Policy Rules and Comovement Properties of Money Growth". S Kim. 2006. degruyter.com Topics in macroeconomics. 112 cites.
- "Common stock returns, real activity, money, and inflation: Some international evidence". G Mandelker, K Tandon. 1985. Elsevier Journal of International Money and Finance. 98 cites.
- "Are money growth and inflation still related?". GP Dwyer Jr, RW Hafer. 1999. search.proquest.com Economic Review-Federal Reserve …. 95 cites.
- "Inflation and core money growth in the euro area". MJM Neumann, C Greiber. 2004. econstor.eu . 93 cites.
- "Money, inflation, and output under fiat and commodity standards". AJ Rolnick, WE Weber. 1997. journals.uchicago.edu Journal of Political Economy. 91 cites.
- "Money, inflation, and growth in Pakistan". A Qayyum. 2006. JSTOR The Pakistan Development Review. 90 cites.
- "Maintaining low inflation: Money, interest rates, and policy stance". S Reynard. 2007. Elsevier Journal of Monetary Economics. 90 cites.
- "Money Supply, Deficit, and Inflation in Pakistan [with Comments]". MA Chaudhary, N Ahmad, R Siddiqui. 1995. JSTOR The Pakistan Development Review. 80 cites.
- "Why money growth determines inflation in the long run: Answering the Woodford critique". E Nelson. 2008. Wiley Online Library Journal of Money, Credit and Banking. 77 cites.
- "Sluggish responses of prices and inflation to monetary shocks in an inventory model of money demand". F Alvarez, A Atkeson, C Edmond. 2009. academic.oup.com The Quarterly Journal of …. 66 cites.
- "Money growth, output gaps and inflation at low and high frequency: Spectral estimates for Switzerland". K Assenmacher-Wesche, S Gerlach. 2008. Elsevier Journal of Economic Dynamics and …. 63 cites.
- "Money, wages and inflation in middle-income developing countries". PR Agénor, MAW Hoffmaister. 1997. books.google.com . 61 cites.
- "Money growth and inflation: A regime switching approach". G Amisano, G Fagan. 2013. Elsevier Journal of International Money and Finance. 59 cites.
- "Understanding the link between money growth and inflation in the euro area". K Assenmacher-Wesche, S Gerlach. 2007. Springer The Travails of the Eurozone. 54 cites.
- "Money, commodity prices and inflation: Some simple tests". MJC Surrey. 1989. Wiley Online Library Oxford Bulletin of Economics and Statistics. 51 cites.
- "Inflation and money demand in Albania". MS Kalra. 1998. books.google.com . 50 cites.
- "Money and inflation in Yugoslavia". AK Lahiri. 1991. Springer Staff Papers. 46 cites.
- "The dynamics of money supply, exchange rate and inflation in Nigeria". TO Akinbobola. 2012. scienpress.com Journal of Applied Finance and Banking. 44 cites.
- "Targeting inflation with a role for money". U Söderström. 2005. Wiley Online Library Economica. 40 cites.
- "Public debt, money supply, and inflation: A cross-country study and its application to Jamaica". G Kwon, L McFarlane, W Robinson. 2006. books.google.com . 38 cites.
- "Inflation, money, interest rate, exchange rate, and casuality: the case of Egypt, Morocco, and Tunisia". M Deme, B Fayissa. 1995. Taylor & Francis Applied Economics. 37 cites.
- "Money growth, output growth, and inflation: Estimation of a modern quantity theory". JR Moroney. 2002. JSTOR Southern Economic Journal. 34 cites.
- "Money, housing, and inflation in China". C Zhang. 2013. Elsevier Journal of Policy Modeling. 34 cites.
- "An analysis of money demand and inflation in the Islamic Republic of Iran". MM Goswami, O Celasun. 2002. books.google.com . 34 cites.
- "The Granger-causality between money growth, inflation, currency devaluation and economic growth in Indonesia: 1954-2002". A Hossain. 2005. usc.es International Journal of Applied Econometrics and …. 33 cites.
- "Inflation, money growth, and I (2) analysis". K Juselius. 2004. Elsevier Contributions to Economic Analysis. 33 cites.
- "Fiscal operations, money supply and inflation in Tanzania". AAL Kilindo. 1997. africaportal.org . 33 cites.
- "Asset substitution, money demand, and the inflation process in Brazil". CW Calomiris, I Domowitz. 1989. JSTOR Journal of Money, Credit and Banking. 32 cites.
- "Targeting inflation with a prominent role for money". U Söderström. 2001. econstor.eu . 32 cites.
- "Base Money and Exchange Rate: Sources of Inflation in Indonesia during the Post-1997 Financial Crisis". RY Siregar, G Rajaguru. 2005. JSTOR Journal of Economic Integration. 28 cites.
- "Understanding the money–prices relationship under low and high inflation regimes: Argentina 1977–2006". E Basco, L D'Amato, L Garegnani. 2009. Elsevier Journal of International Money and …. 26 cites.
- "Inflation and money growth: Evidence from a multi-country data-set". JC Frain. 2004. esr.ie Vol. XX, No. XX, Issue, Year. 26 cites.
- "Budget deficits, money and inflation: the case of Ethiopia". Y Wolde-Rufael. 2008. JSTOR The Journal of Developing Areas. 26 cites.
- "Monetary targeting for price stability in Bangladesh: How stable is its money demand function and the linkage between money supply growth and inflation?". AA Hossain. 2010. Elsevier Journal of Asian Economics. 25 cites.
- "Budget Deficit, Money Supply and Inflation: The Case of Pakistan.". T Mukhtar, M Zakaria. 2010. search.ebscohost.com Economic Trends & Economic Policy. 24 cites.
- "Inflation, money and the role of fiscal arrangements: An analytic framework for the inflation problem". K Brunner. 1976. Springer The 'New Inflation'and Monetary Policy. 24 cites.
- "Money in the era of inflation targeting". W Razzak. 2001. papers.ssrn.com . 24 cites.
- "Suppressed inflation and money demand in Zimbabwe". S Muñoz. 2006. books.google.com . 23 cites.
- "Deficits, money growth and inflation in Italy: 1875–1994". CA Favero, F Spinelli. 1999. Wiley Online Library Economic Notes. 22 cites.
- "Inflation and the money supply in the United States, 1956-1977". PI Berman. 1978. Free Press . 21 cites.
- "Modelling inflation and the demand for money in Pakistan; cointegration and the causal structure". S Price, A Nasim. 1999. Elsevier Economic Modelling. 21 cites.
- "Inflation, money and economic growth in Cameroon". HN Tabi, HA Ondoa. 2011. sciedu.ca International Journal of financial research. 20 cites.
- "Kalecki on imperfect competition, inflation and money". M Sawyer. 2001. academic.oup.com Cambridge Journal of Economics. 20 cites.
- "Real interest rates, anticipated inflation, and unanticipated money: a multi-country study". DL Hoffman, DE Schlagenhauf. 1985. JSTOR The Review of Economics and Statistics. 19 cites.
- "Public debt, money supply, and inflation: a cross-country study". G Kwon, L McFarlane, W Robinson. 2009. Springer IMF Staff Papers. 19 cites.
- "MONEY, OUTPUT AND INFLATION IN AFRICAN ECONOMIES1". J Thornton. 2008. Wiley Online Library South African Journal of Economics. 18 cites.
- "Money, barter, and inflation in Russia". BY Kim, J Pirttilä. 2004. Elsevier Journal of Comparative Economics. 18 cites.
- "The Impact of Inflation, GDP, Unemployment, and Money Supply on Stock Prices". L Shiblee. 2009. papers.ssrn.com . 18 cites.
- "US volatility cycles of output and inflation, 1919-2004: A money and banking approach to a puzzle". S Benk, M Gillman, M Kejak. 2009. papers.ssrn.com . 17 cites.
- "Money and prices in models of bounded rationality in high inflation economies". A Marcet, J Nicolini. 2005. papers.ssrn.com . 17 cites.
- "Real supply shocks and the money growth–inflation relationship". M Christensen. 2001. Elsevier Economics Letters. 16 cites.
- "Money demand and inflation in Belarus: Evidence from cointegrated VAR". I Pelipas. 2006. Elsevier Research in International Business and Finance. 16 cites.
- "Stock returns, inflation and the volatility of growth in the money supply: Evidence from emerging markets". J Liew. 1995. aqr.com University of Chicago, working paper series. 16 cites.
- "Inflation, money, and output under alternative monetary standards". AJ Rolnick, WE Weber. 1994. minneapolisfed.org . 15 cites.
- "Inflation, money, and output under alternative monetary standards". AJ Rolnick, WE Weber. 1995. core.ac.uk Federal Reserve Bank of Minneapolis …. 14 cites.
- "Does money growth granger-cause inflation in the euro area? Evidence from out-of-sample forecasts using Bayesian VARs". H Berger, P Österholm. 2008. books.google.com . 14 cites.
- "How high can inflation get during hyperinflation? A transaction cost demand for money approach". J Vázquez. 1998. Elsevier European Journal of Political Economy. 14 cites.
- "Comment on: Samuel Reynard," Maintaining low inflation: Money, interest rates, and policy stance"". E Nelson. 2007. ideas.repec.org Journal of Monetary Economics. 13 cites.
- "Does Money Growth Granger Cause Inflation in the Euro Area? Evidence from Out‐of‐Sample Forecasts Using Bayesian VARs". H Berger, P Österholm. 2011. Wiley Online Library Economic Record. 13 cites.
- "Money, Inflation, and Output Under Flat and Commodity Standards". AJ Rolnick, WE Weber. 1998. gold-standard.procon.org Federal Reserve Bank of …. 13 cites.
- "The relationship between inflation, money supply and economic growth in Ethiopia: Co integration and Causality Analysis". FS Denbel, YW Ayen, TA Regasa. 2016. academia.edu International Journal of Scientific …. 12 cites.
- "Inflation and Money in Ukraine". K Banaian, IV Bolgarin, G De Menil. 1998. ideas.repec.org . 11 cites.
- "Supply-shock inflation: Money, expectations, and accommodation". AS Blinder. 1981. M. June Flanders and Assaf Razin, eda., Development …. 11 cites.
- "Inflation, money and banking in China: in support of the purchasing power approach". G Peebles. 1983. ACES Bulletin. 11 cites.
- "Money supply and inflation in Malawi: An econometric investigation". K Simwaka, P Ligoya, G Kabango…. 2012. academicjournals.org Journal of Economics …. 11 cites.
- "Freely determined versus regulated prices: implications for the measured link between money and inflation". AS Dexter, MD Levi, BR Nault. 1993. JSTOR Journal of Money, Credit and Banking. 11 cites.
- "The information content of money in forecasting euro area inflation". E Stavrev, MH Berger. 2008. books.google.com . 11 cites.
- "GDP growth, money growth, exchange rate and inflation in Ghana". A Chiaraah, PK Nkegbe. 2014. Citeseer Journal of Contemporary Issues in Business …. 10 cites.
- "Money supply and inflation relationship in the Turkish economy". C Gungor, A Berk. 2006. docsdrive.com Journal of applied sciences. 10 cites.
- "Money supply, inflation and economic growth in Nigeria". MA Babatunde, MI Shuaibu. 2011. pdfs.semanticscholar.org Money Supply, Inflation and …. 10 cites.
- "Money and inflation dynamics: A lag between change in money supply and the corresponding inflation response in Tanzania". J Aikaeli. 2007. papers.ssrn.com . 9 cites.
- "Money and Inflation: The Role of Persistent Velocity Movements". M El-Shagi, S Giesen. 2010. econstor.eu . 9 cites.
- "Why had the Money Market Approach been irrelevant in explaining inflation in Azerbaijan during the rapid economic growth period?". H Fakhri, K Hasanli. 2011. papers.ssrn.com . 9 cites.
- "The money growth–inflation relationship under hyperinflation: an illustration from Hungary's postwar experience". PL Siklos. 1991. Taylor & Francis Applied Economics. 9 cites.
- "Reconnecting money to inflation: the role of the external finance premium". JS Chadha, L Corrado, S Holly. 2008. econstor.eu . 9 cites.
- "Money and other determinants of inflation: the case of Tanzania". MOA Ndanshau. 2010. repository.udsm.ac.tz . 9 cites.
- "Inflation, money, and real GDP in Mexico: a causality analysis". GL Shelley, FH Wallace. 2004. Taylor & Francis Applied Economics Letters. 8 cites.
- "Relationship Research on Money Supply, Economic Growth and Inflation". W Yan-liang. 2012. pdfs.semanticscholar.org JCIT: Journal of Convergence Information …. 8 cites.
- "Does money matter for US inflation? Evidence from Bayesian VARs". P Österholm, MH Berger. 2008. books.google.com . 8 cites.
- "The effects of money supply on inflation in Tanzania". JE Mbongo, F Mutasa, RE Msigwa. 2014. Citeseer Economics. 8 cites.
- "Co-integration and causality analysis of dynamic linkage between economic forces and equity market: An empirical study of stock returns (KSE) and macroeconomic …". RSI Akash, A Hasan, MT Javid…. 2011. academicjournals.org African Journal of …. 7 cites.
- "Modeling the impact of money on GDP and inflation in Iran: Vector-error-correction-model (VECM) approach". M Sadeghi, SY Alavi. 2013. academicjournals.org African Journal of Business …. 7 cites.
- "Inflation, Money, and Output under Alternative Monetary Standards. Federal Reserve Bank of Minneapolis Research Department". AJ Rolnick, WE Weber. 1997. Staff Report 175 . 6 cites.
- "Inflation, money, and output growths: Some observations". F Aleskerov, CE Alper. 1996. Bogaziçi University . 6 cites.
- "The Relationship among Inflation, Money and Output in the Indonesian Economy: Evidence based on Granger Causality and Error-Correction Models". IS Beik, D Hafidhuddin. 2006. TAZKIA Islamic Finance & Business Review. 6 cites.
- "Inflation, Money Demand and Portfolio Choice". K Aoki, A Michaelides, K Nikolov. 2014. papers.ssrn.com . 6 cites.
- "Inflation in Nigeria: How much is the function of money?". MO Mbutor. 2014. academicjournals.org Journal of economics and international finance. 6 cites.
- "Inflation and money in Colombia: another P-Star model". A Gonzalez, LF Melo, CE Posada. 2009. Taylor & Francis Applied Economics. 6 cites.
- "Inflation, Money Supply And Economic Growth: A Causality Analysis For Malaysia". R Ramli. 2012. Malaysia: Department of Statistics. 5 cites.
- "Essays on macroeconomic adjustment in Zimbabwe: inflation, money demand, and the real exchange rate". PG Kadenge. 1998. gupea.ub.gu.se . 5 cites.
- "Is money supply the cause of inflation in India? An alternative postulate to understand inflation". S Sabade. 2014. Elsevier Procedia-Social and Behavioral Sciences. 5 cites.
- "The information content of money in forecasting euro area inflation". E Stavrev, H Berger. 2012. Taylor & Francis Applied Economics. 5 cites.
- "Money illusion among health care providers: should we adjust for inflation in analyses of provider behavior?". ML Mayer, RG Rozier. 2000. Elsevier Social science & medicine. 5 cites.
- "Quantity theory of money redux? Will inflation be the legacy of quantitative easing?". WR Cline. 2015. journals.sagepub.com National Institute Economic Review. 5 cites.
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