Horizontalists and Verticalists : The Macroeconomics of Credit Money (Hardcover)

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 U.S. 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