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

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    Cited by:

    1. Duccio Cavalieri, 2004. "On Some Equilibrium and Disequilibrium Theories of Endogenous Money: A Structuralist View," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 12(3), pages 51-83.
    2. Mark Hayes, 2006. "The Economics of Keynes: A New Guide to The General Theory," Books, Post Keynesian Economics Study Group (PKSG), number nggt.
    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 329-353.
    4. 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.
    5. Trunin, P. & Vashchelyuk, N., 2015. "The Analysis of Money Supply Endogeneity in Russia," Journal of the New Economic Association, New Economic Association, vol. 25(1), pages 103-131.
    6. Mark Setterfield, 2014. "An essay on horizontalism, structuralism and historical time," Working Papers 1402, Trinity College, Department of Economics.
    7. Strachman, Eduardo, 2016. "Notas sobre Mecanismos de Transmissão da Política Monetária
      [Some Notes on the Monetary Policy Transmission Mechanisms]
      ," MPRA Paper 72856, University Library of Munich, Germany.
    8. Jiří Štekláč, 2015. "Politicko-ekonomické varianty vyhlazování hospodářského cyklu v soudobých úvěrových ekonomikách
      [Political-Economic Options for Smoothing of Business Cycles within the Current Credit-Economy]
      ," Politická ekonomie, University of Economics, Prague, vol. 2015(1), pages 3-31.
    9. Hein, Eckhard, 2016. "Post-Keynesian macroeconomics since the mid-1990s: Main developments," IPE Working Papers 75/2016, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    10. 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.
    11. Man-Seop Park, 2007. "Routes of Money Endogeneity: A Heuristic Comparison," Discussion Paper Series 0729, Institute of Economic Research, Korea University.

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