Money creation in the modern economy: an appraisal

IF 1.8 3区经济学 Q2 ECONOMICS

Review of Keynesian Economics Pub Date : 2021-01-01 DOI:10.4337/ROKE.2021.01.03

J. Stevens

引用次数: 3

Abstract

This paper models a representative bank, and uses this model to explore the assumptions and implications of a selection of money-creation theories. It is shown that the money-supply process tends toward the logic of exogeneity as banks' fears about liquidity stress increases. At present, banks do not fear liquidity stress because central banks are operating under a floor system with a superabundance of reserves following unsterilized quantitative easing. Secondly, a role for a ‘central-bank digital currency’ is suggested as a useful complement to reserves policy in an economy with large or collusive banks.

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现代经济中的货币创造:一种评价

本文以一家具有代表性的银行为模型，并利用该模型探讨了一系列货币创造理论的假设和含义。研究表明，随着银行对流动性压力的担忧增加，货币供给过程趋向于外生性逻辑。目前，银行并不担心流动性压力，因为在未冲销的量化宽松政策之后，央行在准备金过剩的下限体系下运作。其次，“中央银行数字货币”的作用被认为是对拥有大型银行或勾结银行的经济体的储备政策的有益补充。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Keynesian Economics ECONOMICS-

CiteScore

3.10

自引率

12.50%

发文量

期刊介绍： The Review of Keynesian Economics (ROKE) is dedicated to the promotion of research in Keynesian economics. Not only does that include Keynesian ideas about macroeconomic theory and policy, it also extends to microeconomic and meso-economic analysis and relevant empirical and historical research. The journal provides a forum for developing and disseminating Keynesian ideas, and intends to encourage critical exchange with other macroeconomic paradigms. The journal is dedicated to the development of Keynesian theory and policy. In our view, Keynesian theory should hold a similar place in economics to that held by the theory of evolution in biology. Many individual economists still work within the Keynesian paradigm, but intellectual success demands institutional support that can leverage those individual efforts. The journal offers such support by providing a forum for developing and sharing Keynesian ideas. Not only does that include ideas about macroeconomic theory and policy, it also extends to microeconomic and meso-economic analysis and relevant empirical and historical research. We see a bright future for the Keynesian approach to macroeconomics and invite the economics profession to join us by subscribing to the journal and submitting manuscripts.