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Horizontalists and Verticalists after 25 years

James Culham and John E. King

Keywords: endogenous money; exogenous interest rates; money supply; credit; money non-neutrality

We outline the core claims of Basil Moore's book Horizontalists and Verticalists: The Macroeconomics of Credit Money and place them in their historical, contemporary and present contexts. Several theoretical problems raised by the book and recent developments in the operation of financial markets and monetary policy are discussed. We find that Moore is a key figure in the theory of endogenous money, but his version of the theory was viewed as radical and was by no means widely accepted. Recent developments have validated many of his ideas, which are now commonplace, but others remain unresolved and controversial.

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