by Ryan McMaken
The “true money supply” measure (an Austrian money-supply metric) is a measure of the money supply pioneered by Murray Rothbard and Joseph Salerno and is designed to provide a better measure than M2. The Mises Institute offers monthly updates on the TMS metric and its growth.
In February, the Austrian money supply metric was up 7.6 percent, which was a smaller growth rate compared to where it had been for much of 2015. February’s growth rate was the third-lowest growth rate measured over the past year. Overall, however, there is no evidence of a significant downward trend in money supply growth since it stabilized around 8 percent in mid-2013.