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Routes of Money Endogeneity: A Heuristic Comparison

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  • Man-Seop Park

    (Department of Economics, Korea University)

Abstract

The paper sets up an analytical framework which is based on simplified balance sheets of the banking, the non-banking private and the government sectors, in order to identify four primary routes through which money can be generated endogenously and to discuss their characteristics. These routes approximate, if not precisely correspond to, the Post Keynesian accommodationist and structuralist views, the New Keynesian credit view (¡°bank lending channel¡±), and a hybrid one.

Suggested Citation

  • Man-Seop Park, 2007. "Routes of Money Endogeneity: A Heuristic Comparison," Discussion Paper Series 0729, Institute of Economic Research, Korea University.
    • Handle: RePEc:iek:wpaper:0729
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    File URL: http://econ.korea.ac.kr/~ri/WorkingPapers/w0729.pdf
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    References listed on IDEAS

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    1. Giuseppe Fontana, 2004. "Rethinking Endogenous Money: A Constructive Interpretation Of The Debate Between Horizontalists And Structuralists," Metroeconomica, Wiley Blackwell, vol. 55(4), pages 367-385, November.
    2. Robert Pollin, 1991. "Two Theories of Money Supply Endogeneity: Some Empirical Evidence," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 13(3), pages 366-396, March.
    3. Blinder, Alan S & Stiglitz, Joseph E, 1983. "Money, Credit Constraints, and Economic Activity," American Economic Review, American Economic Association, vol. 73(2), pages 297-302, May.
    4. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 27-48, Fall.
    5. L. Randall Wray (ed.), 2004. "Credit and State Theories of Money," Books, Edward Elgar Publishing, number 3204.
    6. Thomas I. Palley, 1996. "Post Keynesian Economics," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37412-6, December.
    7. Louis-Philippe Rochon, 1999. "Credit, Money and Production," Books, Edward Elgar Publishing, number 1565.
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    More about this item

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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