Ryland Thomas

Senior Economist - Monetary Assessment and Strategy Division


Ryland's research has mainly focused on the role of money and credit in the economy and has largely involved using empirical time series methods.  Ryland has also researched the impact of QE, fiscal policy and oil price changes on the UK economy.  Additionally he has a research interest in the UK’s economic history.  Currently he looks after the Bank of England’s historical macroeconomic database and data on the Bank of England’s historical balance sheet.

Ryland's selected academic publications

Dating business cycles in the United Kingdom, 1700–2010, with Steve Broadberry, Jagjit Chadha and Jason Lennard, Economic History Review (2023)
Dating the Lender of Last Resort, with Kilian Rieder, Mike Anson and David Bholat, Economic Journal (2023)
Updated estimates of UK GDP from the income side, 1841–1920, with Solomos Solomou, Economic History Review (2022)
UK Business and Financial Cycles Since 1660 - Volume 1: a narrative overview, with Nicholas Dimsdale, Palgrave (2019)
UK broad money growth and nominal spending during the Great Recession: an analysis of the money creation process and the role of money demand, in Money in the Great Recession: Did a Crash in Money Growth Cause the Global Slump? edited by T Congdon, E Elgar (2017)
UK broad money growth in the long expansion, 1992–2007: what can it tell us about the role of money?, with Michael McLeay; The UK Economy in the Long Expansion and its Aftermath, Cambridge University Press (2016)
An Empirical Sectoral Model of Unconventional Monetary Policy: The Impact of QE, with James Cloyne, Alex Tuckett and Samuel Wills; The Manchester School (2015)
Has Weak Lending and Activity in the UK been Driven by Credit Supply Shocks? with A Barnett, Manchester School (2014)
The Link Between Money and Nominal Spending: A look at Historical UK data through the lens of the Quantity Theory, World Economics (2014)
Money, Debt and Prices in the United Kingdom, with N Janssen, C Nolan; Economica (2002)


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