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Rethinking Endogenous Money: A Constructive Interpretation Of The Debate Between Horizontalists And Structuralists

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  • Giuseppe Fontana

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. Copyright Blackwell Publishing Ltd 2004.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Metroeconomica.

Volume (Year): 55 (2004)
Issue (Month): 4 (November)
Pages: 367-385

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Handle: RePEc:bla:metroe:v:55:y:2004:i:4:p:367-385

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Cited by:
  1. Man-Seop Park, 2007. "Routes of Money Endogeneity: A Heuristic Comparison," Discussion Paper Series 0729, Institute of Economic Research, Korea University.
  2. Mark Setterfield, 2014. "An essay on horizontalism, structuralism and historical time," Working Papers 1402, Trinity College, Department of Economics.
  3. Engelbert Stockhammer & Paul Ramskogler, 2009. "Wie weiter? Zur Zukunft des Postkeynesianismus," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 35(3), pages 329-354.
  4. Boermans, Martijn Adriaan & Moore, Basil J, 2008. "Locked-in and Sticky Textbooks: Mainstream Teaching of the Money Supply Process," MPRA Paper 14845, University Library of Munich, Germany, revised Apr 2009.
  5. Mark Hayes, 2006. "The Economics of Keynes: A New Guide to The General Theory," Books, Post Keynesian Economics Study Group (PKSG), number nggt.
  6. Hein, Eckhard, 2010. "The rate of interest as a macroeconomic distribution parameter: Horizontalism and Post-Keynesian models of distribution of growth," MPRA Paper 23372, University Library of Munich, Germany.
  7. Cavalieri, Duccio, 2004. "On Some Equilibrium and Disequilibrium Theories of Endogenous Money: A Structuralist View," MPRA Paper 43738, University Library of Munich, Germany.

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