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Horizontalists and Verticalists after 25 years

Author

Listed:
  • James Culham

    (Melbourne, Australia)

  • John E. King

    (La Trobe University)

Abstract

We outline the core claims of Basil Moore's book Horizontalists and Verticalists: The Macroeconomics of Credit Money and place them in their historical, contemporary and present contexts. Several theoretical problems raised by the book and recent developments in the operation of financial markets and monetary policy are discussed. We find that Moore is a key figure in the theory of endogenous money, but his version of the theory was viewed as radical and was by no means widely accepted. Recent developments have validated many of his ideas, which are now commonplace, but others remain unresolved and controversial.

Suggested Citation

  • James Culham & John E. King, 2013. "Horizontalists and Verticalists after 25 years," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(4), pages 391—405-3, October.
    • Handle: RePEc:elg:rokejn:v:1:y:2013:i:4:p391-405
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    References listed on IDEAS

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    Cited by:

    1. Mr. Nils O Maehle, 2020. "Monetary Policy Implementation: Operational Issues for Countries with Evolving Monetary Policy Frameworks," IMF Working Papers 2020/026, International Monetary Fund.

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    More about this item

    Keywords

    endogenous money; exogenous interest rates; money supply; credit; money non-neutrality;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • 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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