I was poking around at the very interesting Divisia measures of money, and came up with the following chart.
Update: Spreadsheet error in original graph. Result: this has little to impart. Never mind. Thanks to Mark Sadowski for pointing it out.
Which has me, once again, asking monetarists the question in the title of this post. For instance: are Treasuries money? How moneyish are they? We have two presumably valid measures here telling wildly different stories in MV=PY World. What’s your story?
The numbers in this chart are purely arbitrary (Divisia measures are just indexes, here divided into GDP, which is in dollars); it’s about the relative changes.
Cross-posted at Asymptosis.