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 7: Money endogeneity and the quantity theory: the case of commodity money

Allin Cottrell

Abstract

This chapter addresses the question of whether it is right to cede the case of commodity money to a quantity-theoretic analysis. There are two issues here: what is the ‘correct’ analysis of the case of commodity money, and what did the classical monetary theorists have to say on the matter? These issues are not really separable: in seeking an adequate analysis of commodity money, one is obliged to engage with those writers who have had the most to say on the subject.

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