We propose a monetary dynamic general equilibrium model with endogenous credit market participation to study the impact …

We propose a monetary model with endogenous credit market participation to study the impact of financial inclusion on …

field of economics as historically inaccurate. Further, the orthodox sequence of commodity (gold) money" to credit and fiat … creating and organizing markets. By contrast, this paper locates the origin of money in credit and debt relations, with the …This paper briefly summarizes the orthodox approach to banking, finance, and money, and then points the way toward an …

first give rise to the accumulation of the stock of money and the stock of commodities. These stocks constitute the demand …

This paper advances three fundamental propositions regarding money: (1) As R. W. Clower (1965) famously put it, money … buys goods and goods buy money, but goods do not buy goods. (2) Money is always debt; it cannot be a commodity from the … possible. These three propositions are used to build a theory of money that is linked to common themes in the heterodox …

. As such, it can be described as the first true central bank. The debut of central bank money did not result from any …

We hope to model financial fragility and money in a way that captures much of what is crucial in Hyman Minsky …