Brendan Greeley
speaker
127 appearances
1 recordings
1 series
first heard Jul 2026
last heard 28 Jul
Brendan Greeley’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
So the way we sum up all the money.
is by looking at a sum of different things that we call money on bank balance sheets the challenge of course is as you and i have already run into it's really difficult to agree even among the two of us and we like to agree on what exactly on bank balance sheets we need to call money and measure right so monetarism tell me if i'm summing this up incorrectly is an elegant theory
No, that's absolutely right.
And it's even more difficult when you start to measure the velocity of money.
So it's the formula is involves both the sum of money and its velocity.
Velocity is a nightmare to me.
It's really difficult.
You cannot get into people's bank accounts on that granular of a level and figure out how often they're spending things.
You end up with big, vague formulas like you take GDP or GNP and divide it by the supply of money.
So it's very difficult.
As you point out, this intuition makes sense.
Very difficult to come up with the measurements that actually say, yeah, we can use it to predict things.
Well, the Fed tried to turn it into a theory of everything, meaning you can add up all the sum of money in the economy.
You can agree on that number and then you can predict things from it.
Moran and Rubini are proposing something a little different, which is that even if you cannot come up with a theory of everything that rests on the total sum of money in the economy, looking at different kinds of money and how they have different properties is still really useful information.
And I think that's kind of a fascinating point.
And what they what they point out is different money is liquid in different ways.
So reserves, that's definitely real money, but it's not really liquid.
You can push reserves out into the system and they won't necessarily generate new bank loans if banks don't feel like making new loans.
So a lot of reserves just kind of sit there.
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