liquidity in the form of currency and demand deposits. As a result, the money-supply multipliers substantially decreased, so … that the actual money supply measures grew more moderately than the base. The sustained multiplier-collapse spawned … money-multiplier collapse into changes in the currency-to-deposit ratios, and changes in the reserve-to-deposit ratio. By …

We show that decentralized privately created money with unstable values can hinder the traded, more transaction … new federally-regulated, fully-backed currency as an alternative to the pre-existing money supply, which consisted of … this new type of stable, federally-backed money as a natural experiment, we show that places gaining access to the new …

consequences of these operations within the context of a micro-founded macroeconomic model of banking and money. We can mimic the …

This paper tries to answer the long-standing question of whether money causes output. Instead of focusing on domestic … variable, U.S. money supply, does not seem to have a significant effect on China's output. The results are supported by …

Standard economic textbooks portray the money supply as exogenous. Most of these use a money multiplier framework to …, endogenous money theories attribute the determination of commercial bank lending and overall economic activity to the demand for … credit, not the supply of money. In these theories, the demand for credit determines the supply of money, which banks create …

in mid 70s and late 80s (USA 2007), namely Japan, is performed. The definition and role of money in the economy in its …

This paper tries to answer the long-standing question of whether money causes output. Instead of focusing on domestic … variable, U.S. money supply, does not seem to have a significant effect on China’s output. The results are supported by …