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In economics, the money supply or money stock, is the total amount of monetary assets available in an economy at a specific time.〔Paul M. Johnson. "Money stock," (A Glossary of Political Economy Terms )〕 There are several ways to define "money," but standard measures usually include currency in circulation and demand deposits (depositors' easily accessed assets on the books of financial institutions).〔Alan Deardorff. "Money supply," (Deardorff's Glossary of International Economics )〕〔Karl Brunner, "money supply," ''The New Palgrave: A Dictionary of Economics'', v. 3, p. 527.〕 Money supply data are recorded and published, usually by the government or the central bank of the country. Public and private sector analysts have long monitored changes in money supply because of its effects on the price level, inflation, the exchange rate and the business cycle.〔(The Money Supply – Federal Reserve Bank of New York ). Newyorkfed.org.〕 That relation between money and prices is historically associated with the quantity theory of money. There is strong empirical evidence of a direct relation between money-supply growth and long-term price inflation, at least for rapid increases in the amount of money in the economy. For example, a country such as Zimbabwe which saw extremely rapid increases in its money supply also saw extremely rapid increases in prices (hyperinflation). This is one reason for the reliance on monetary policy as a means of controlling inflation.〔Milton Friedman (1987). “quantity theory of money”, ''The New Palgrave: A Dictionary of Economics'', v. 4, pp. 15–19.〕〔(【引用サイトリンク】title= money supply Definition )〕 The nature of this causal chain is the subject of contention. Some heterodox economists argue that the money supply is endogenous (determined by the workings of the economy, not by the central bank) and that the sources of inflation must be found in the distributional structure of the economy.〔Lance Taylor: Reconstructing Macroeconomics, 2004〕 In addition, those economists seeing the central bank's control over the money supply as feeble say that there are two weak links between the growth of the money supply and the inflation rate. First, in the aftermath of a recession, when many resources are underutilized, an increase in the money supply can cause a sustained increase in real production instead of inflation. Second, if the velocity of money (i.e., the ratio between nominal GDP and money supply) changes, an increase in the money supply could have either no effect, an exaggerated effect, or an unpredictable effect on the growth of nominal GDP. ==Empirical measures in the United States Federal Reserve System== :''See also European Central Bank for other approaches and a more global perspective.'' Money is used as a medium of exchange, a unit of account, and as a ready store of value. Its different functions are associated with different empirical measures of the money supply. There is no single "correct" measure of the money supply. Instead, there are several measures, classified along a spectrum or continuum between narrow and broad ''monetary aggregates''. Narrow measures include only the most liquid assets, the ones most easily used to spend (currency, checkable deposits). Broader measures add less liquid types of assets (certificates of deposit, etc.). This continuum corresponds to the way that different types of money are more or less controlled by monetary policy. Narrow measures include those more directly affected and controlled by monetary policy, whereas broader measures are less closely related to monetary-policy actions.〔 It is a matter of perennial debate as to whether narrower or broader versions of the money supply have a more predictable link to nominal GDP. The different types of money are typically classified as "M"s. The "M"s usually range from M0 (narrowest) to M3 (broadest) but which "M"s are actually focused on in policy formulation depends on the country's central bank. The typical layout for each of the "M"s is as follows: * : In some countries, such as the United Kingdom, M0 includes bank reserves, so M0 is referred to as the monetary base, or narrow money.〔(M0 (monetary base) ). Moneyterms.co.uk.〕 * MB: is referred to as the monetary base or total currency.〔 This is the base from which other forms of money (like checking deposits, listed below) are created and is traditionally the most liquid measure of the money supply.〔(【引用サイトリンク】title= M0 )〕 * M1: Bank reserves are not included in M1. * M2: Represents M1 and "close substitutes" for M1.〔(【引用サイトリンク】title= M2 )〕 M2 is a broader classification of money than M1. M2 is a key economic indicator used to forecast inflation.〔(【引用サイトリンク】title= M2 Definition )〕 * M3: M2 plus large and long-term deposits. Since 2006, M3 is no longer published by the US central bank.〔(Discontinuance of M3 ), Federal Reserve, November 10, 2005, revised March 9, 2006.〕 However, there are still estimates produced by various private institutions. * MZM: Money with zero maturity. It measures the supply of financial assets redeemable at par on demand. Velocity of MZM is historically a relatively accurate predictor of inflation. The ratio of a pair of these measures, most often M2 / M0, is called an (actual, empirical) money multiplier. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「money supply」の詳細全文を読む スポンサード リンク
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