Endogenous Money in a Coherent Stock-Flow Framework

Money as Stock

Nominal government debt, including the monetary base, is a residual claim to government surpluses. Thus, the value of Þat money can be determined in a completely frictionless economy, just like the price of stock. The main theoretical objection to this Þscal theory of the price level is that it mistreats the government’s intertemporal budget constraint. I show that the valuation equation for no...

The Endogenous Money Approach

Money Stock Control and Discussion

Over the next 10 years a major controversy developed over whether the Federal Reserve recognized or placed enough emphasis on its responsibility for controlling the growth of the money stock. The related question of which operating strategy to follow in controlling the money stock was pushed to the background. Economists can argue at great lengths over the extent to which the Federal Reserve tr...

integrated regional endogenous development framework in iran

researches in exploring of driving forces of regional endogenous development, concentrate on subjects which have been so controversial. regional endogenous development (red), together with other core regional development concepts, is usually focused on the sub-national regional development process of the home country. this paper attempts to conceptualize and examine regional endogenous developm...

Endogenous supply of fiat money

We consider whether reputation concerns can discipline the behavior of a long-lived selfinterested agent who has a monopoly over the provision of fiat money. We obtain that when this agent can commit to a choice of money supply, there is a monetary equilibrium where it never overissues. We show, however, that such equilibria do not exist when there is no commitment. This happens because the inc...