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 19: A revisitation of the debate between the horizontalist and structuralist analyses of endogenous money: single-period analysis versus continuation analysis

Giuseppe Fontana


This chapter reviews the controversial issues debated by horizontalist and structuralist analyses of endogenous money with the help of an original four-panel diagram. This is instrumental to move beyond a dualistic view of endogenous money, by presenting in a simple and concise way the nature and origin of the differences between horizontalists and structuralists. The chapter also explains how to encompass the horizontalist and structuralist analyses in a general theory of endogenous money. Building on the work of Hicks, the horizontalist and structuralist analyses are interpreted in light of an original time framework grounded in the distinction between a single-period analysis and a continuation analysis.

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