Analysing the information content of money

About the workshop

On 4 March 2026 the Bank hosted a workshop entitled ‘Analysing the Information Content of Money’. The workshop brought together academic experts and central bank staff to review the evidence on the information content of money given the experience of the post-pandemic inflation. Central bank participants presented their approach to analysing the risks from money for the inflation outlook. This was followed by presentations from academic experts reviewing the latest empirical evidence. Michael Bordo (Rutgers University) provided a keynote address on the future of monetarism after Milton Friedman. A panel consisting of Huw Pill (Bank of England), Charles Goodhart (LSE) and Larry Goodman (CFS) discussed how central banks should analyse and communicate the risks from money growth going forward.

Workshop programme

Workshop resources

Slides

Recordings:

Opening remarks - Huw Pill (Bank of England)

Central Bank presentations

BoE analysis - Ryland Thomas (Bank of England)
SNB analysis - Samuel Reynard (Swiss National Bank)
ECB analysis - Miguel Boucinha (European Central Bank)
RBI analysis  - Soumya Bhadury (Reserve Bank of India)

Deep Learning Model Evidence

Results from a Deep Learning Model - John Duca (Oberlin College and Emeritus Economist, Dallas Fed)

Keynote Address

The future of monetarism after Milton Friedman – Michael Bordo (Rutgers University)

Paper session I – Using Money/Divisia to identify shocks 

From the monetary pillar to the monetary and financial analysis -  Martin Mandler (Bundesbank) 
Identifying monetary policy shocks with Divisia money in the United Kingdom -  Jane Binner (University of Birmingham)

Paper Session II - Using velocity gaps to predict inflation

Broad Divisia Money, Supply Pressures, and U.S. Inflation Following the COVID-19 Recession - John Duca (Oberlin College and Emeritus Economist, Dallas Fed
Sectoral money and prices - Juan Castañeda (University of Buckingham)

Policy Panel and discussion

Remarks by Huw Pill (Bank of England) 
Remarks by Charles Goodhart (LSE)
Remarks by Lawrence Goodman (Centre for Financial Stability)