Horizontalists and Verticalists: The Macroeconomics of Credit Money

Abstract

Preface Acknowledgments Part I. The Endogeneity of Credit Money: 1. The differences between commodity, fiat, and credit money 2. Contemporary commercial banking 3. A simple model of bank intermediation 4. The money 'multiplier' 5. The endogeneity of the high-powered base 6. The US money supply process 7. A causality analysis of the determinants of money growth 8. Keynes and the endogeneity of credit money Part II. The Macroeconomic Implications of Monetary Endogeneity: 9. The determination of the nominal money supply 10. Interest rates: a real or monetary phenomenon? 11. Interest rates: an exogenous policy variable 12. Monetary change, deficit spending, and the growth of aggregate demand 13. The determination of the real money supply 14. Inflation and velocity 15. the dynamics of disequilibrium: toward a new macroeconomic paradigm Bibliography Index.