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Dusting Off The Recession Playbook | Tian Yang

Forward Guidance

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How Do You Measure Money?

The key point is that we live in a fiat money system right when money creation is not just the role of central banks, you know commercial banks have a big part to play in that. So if you're only watching central banks you're missing the impact that commercial banks can have on credit creation. A lot of times can be independent of central banks right central banks affecting animal spirits. That's why for us we measure it essentially and one or equivalent level so then you capture both demand deposits and currency and circulation.

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