Table of Contents

Preface; Acknowledgments; Part I. The Endogeneity of Credit Money: 1. The differences between commodity, fiat, and credit money; 2. Contemporary commercial banking; 3. A simple model of bank intermediation; 4. The money 'multiplier'; 5. The endogeneity of the high-powered base; 6. The US money supply process; 7. A causality analysis of the determinants of money growth; 8. Keynes and the endogeneity of credit money; Part II. The Macroeconomic Implications of Monetary Endogeneity: 9. The determination of the nominal money supply; 10. Interest rates: a real or monetary phenomenon?; 11. Interest rates: an exogenous policy variable; 12. Monetary change, deficit spending, and the growth of aggregate demand; 13. The determination of the real money supply; 14. Inflation and velocity; 15. the dynamics of disequilibrium: toward a new macroeconomic paradigm; Bibliography; Index.