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.

Rethinking Endogenous Money: A Constructive Interpretation of the Debate between Accommodationists and Structuralists

FONTANA G
2004-01-01

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.
2004
Endogenous Money, Horizontalism, Liquidity Preference, Structuralism
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/20.500.12070/6495
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