the fiat monies issued by the state (typically, cash, banknotes, and central bank money) are not debt and that in … fractional reserve regimes, only a share of commercial bank money can be regarded as debt. The AVM argues, instead, that state … monies and the nondebt share of commercial bank money are net wealth of their holders and net worth (equity) of their issuers …

of policy have recently been of greater importance: changes in the supply of bank reserves, changes in the assets … substitute for conventional interest-rate policy, but purchases of illiquid assets are particularly likely to improve welfare …

of policy have recently been of greater importance: changes in the supply of bank reserves, changes in the assets … is a perfect substitute for conventional interest rate policy, but purchases of illiquid assets are particularly likely …