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...
