Structural Changes and the Role of Monetary Aggregates in the UK

•We investigate the role of Divisia monetary aggregates relative official Simple Sum aggregates in determining output.•Non-parametric tests are conducted to identify breaks in the underlying variables of our model.•The influence of money is found to be time-varying and Simple Sum aggregates are more affected by nonlinear structures.•Recovery from the financial crisis could potentially have been faster if investors were not hoarding money.