Introduction with Professor Tim Congdon
Professor Tim Congdon, the founder of the Institute of International Monetary Research, discusses monetarism and the purpose of the institute.
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Mission Statement
The purpose of the Institute of International Monetary Research is to demonstrate and bring to public attention the strong relationship between the quantity of money on the one hand, and the levels of national income and expenditure on the other.
The Institute is heavily involved in the analysis of banking systems, particularly their role in the creation of new money balances. The relationships between money and national income/expenditure hold in all countries over long periods, and the Institute’s research covers many countries. The “quantity theory of money” could be characterized as an “always-and-everywhere theory”.
The Institute – which is associated with the University of Buckingham in England – was set up in 2014, in the aftermath of the Great Financial Crisis (a.k.a., “the Great Recession”) of 2007 – 2009. It is an educational charity.
Now available:
Money and Inflation at the Time of Covid
Tim Congdon's latest book, Money and Inflation at the Time of Covid, was named as one of the must-read books of 2025 by Martin Wolf of the FT. It is available to purchase from Edward Elgar Publishing.
"Anyone interested in national income determination, asset markets, real economic activity, or inflation would be well-advised to study The Quantity Theory of Money: A New Restatement carefully. Indeed, this book is required reading for all of my students." PROF STEVE HANKE, The Daily Economy
"Congdon’s sharply pointed contrast between successful and failed forecasts is convincing, his defense of an updated quantity theory of money is well-argued, and his suggestions for central banking lessons are highly relevant." ALEX J POLLOCK, Law & Liberty
Our Research
The chart above shows the average annual % change in quantity of money, broadly-defined, and nominal national income in the various countries, 1981-2022.
The relation between changes in the amount of money and changes in nominal income is quite evident in the data, and it does hold in very different economies all across the world. This is one of the fundamental relations in monetary economics we use in our analysis of monetary policy and financial regulation and their expected effects on the economy.
Programmes in collaboration with the University of Buckingham
Click on the images to find out more about MA Money, Governments and Central Banks (by research) or the 12-week course on Money, Inflation and Monetarism.
Read more about our advanced courses
