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 11: An evolutionary–institutionalist reappraisal of the endogenous-money-supply theory

Christopher J. Niggle


The purpose of this chapter is to investigate the role of the endogenous money theory in the development of evolutionary post-Keynesian macroeconomics, in which money and the process of money creation are both analysed as evolving institutions. The chapter discusses the revival of the endogenous-money theory as a part of the post-Keynesian critique of both monetarism and the neoclassical-synthesis version of Keynesianism (Joan Robinson’s ‘bastard Keynesianism’). It further discusses some controversies and debates regarding the theory within the evolutionary post-Keynesian literature, including the horizontalist–structuralist debates. This analysis considers the institutions that influence the degree of money supply.

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