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diese Arbeit mit einer Neubewertung der endogenen Geldtheorie. Im Text wird zwischen Horizontalisten, Vertikalisten und … endogenen Geldtheorie behält die grundlegende Erkenntnis bei, dass die Geldmenge Kredit getrieben ist, aber behebt die … Geld und Finanzierung in der keynesianischen Produktionstheorie zu entwickeln. Hinsichtlich der Geldpolitik bleibt die …
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Since the XIX century, technological progress has allowed commercial banks to create ever greater amounts of broad money and credit starting from a unit of monetary base. Crucially, however, at the very low frequencies the relative amounts of the two aggregates created out of a unit of base...
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The paper presents a financial approach to monetary analysis that links the credit and state theories of money. A premise of the functional approach to money is that "money is what money does." In this approach, monetary and mercantile mechanics are conflated, which leads to the conclusion that...
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Schularick and Taylor (2012) documented a sizeable increase in the ratio between credit and broad money since the end of WWII, which they interpreted in terms of a progressive disconnect between the two aggregates. I show that this interpretation is incorrect, since, as I demonstrate...
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requires a strictly positive rate of inflation. In general, the minimum infiation necessary to implement the first …
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