In recent weeks, bank reserves, the monetary base and other monetary aggregates, have grown very rapidly.

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But the relationships between the monetary base, broader monetary aggregates and nominal income is highly unstable.

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In the U.S., he said, there has not been strong enough growth in the M1 and M2 monetary aggregates to cause inflation concern.

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The sharp expansion of the monetary aggregates since the beginning of September was needed to offset the dramatic decline in velocity and the hoarding of reserves by the banking system.

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Perhaps the monetary base has traditionally been considered one of the monetary aggregates, but its importance has always been that it is the raw material from which money can be created.

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