Berk, Jan Marc; End, Jan-Willem van den - In: Credit and capital markets : Kredit und Kapital 55 (2022) 4, pp. 457-488
We model the behaviour of banks as a main driver of the changing components of the money multiplier (MM). So we provide … behavioural underpinnings for the supply and demand for inside and outside money. We illustrate how the creation of large outside … money balances by central banks induces behavioural changes, creating an environment characterised by a low MM and low …