Creator: Nicolini, Juan Pablo Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 582 Abstract:
In this paper, I revisit some recent work on the theory of the money supply, using a theoretical framework that closely follows Karl Brunner's work. I argue that had his research proposals been followed by the profession, some of the misunderstandings related to the instability of the money demand relationship could have been avoided.
Keyword: Means of payment, Money multiplier, and Transaction services Subject (JEL): E58 - Central Banks and Their Policies and E51 - Money Supply; Credit; Money Multipliers