Rethinking Endogenous Money: a Constructive Interpretation of the Debate Between Horizontalists and Structuralists
Year: 2004
Type: article
Abstract: ABSTRACT Beyond a widespread agreement on the idea that ‘loans create deposits’ and ‘deposits make reserves’, there is much controversy in the endogenous money literature over the workings of the reserve market, the credit market and the financial markets. In this paper a constructive interpretation of the debate between horizontalists and structuralists is suggested and their arguments are taken forward by showing that these controversial issues can be explained rigorously once a single‐period–continuation framework is adopted.
Source: Metroeconomica
Author: Giuseppe Fontana
Institution: University of Leeds
Language: English
Topic: Economic theories and models
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W2011198627