Richard Werner

Richard Andreas Werner (born 5 January 1967) is a German banking and development economist who is a university professor at University of Winchester.

He has proposed the "Quantity Theory of Credit", or "Quantity Theory of Disaggregated Credit", which disaggregates credit creation that are used for the real economy (GDP transactions), on the one hand, and financial transactions, on the other hand. In 1995, he proposed a new monetary policy to swiftly deal with banking crises, which he called 'Quantitative Easing', and it was published in the Nikkei. He also first used the expression "QE2" in public to refer to the need to implement 'true quantitative easing' as an expansion in credit creation. His 2001 book ''Princes of the Yen'' was a number one general bestseller in Japan. In 2014, he published the first empirical evidence that each bank creates Money when it issues a new loan. Provided by Wikipedia