Countries on the gold standard were often forced to contract their money supplies because of policy developments in other countries, not because of domestic events. The fact that these contractions in money supplies were invariably followed by declines in output and prices suggests that money was more a cause than an effect of the economic collapse in those countries.
Some banks have effectively raised the bar, and those lagging behind should take inspiration from them and follow suit. Conclusion To conclude. For all their many flaws, national accounts data continue to be extremely useful for policymaking to this day. They have been extensively reviewed and gradually harmonised – the same path we should expect for climate data and the architecture supporting them.