Advances in Endogenous Money Analysis
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Advances in Endogenous Money Analysis

Edited by Louis-Philippe Rochon and Sergio Rossi

The endogenous nature of money is a fact that has been recognized rather late in monetary economics. Today, it is explained most comprehensively by the theory of money in post-Keynesian monetary theory. The expert contributors to this enlightening book revisit long-standing debates on the endogeneity of money from the position of both horizontalists and structuralists, and prescribe new areas of research and debate for post-Keynesian scholars to explore.
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Chapter 2: Modern central-bank operations: the general principles

Scott T. Fullwiler

Abstract

Neoclassical economists have traditionally focused on monetary policy strategies and largely neglected the details of their implementation. By contrast, the post-Keynesian tradition has incorporated monetary policy implementation for several decades as a core part of its critique of neoclassical models. This chapter describes ten principles underlying central-bank operations in general that one might consider to be ‘what every economist should know’. Many, if not most, of these principles are contrary to the standard neoclassical models and textbooks, and, with regard to the post-Keynesian literature, tend to favour the horizontalists’ view over the structuralists’ view.

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