Money may still make the world go ‘round, but it’s not generally the creation of more paper bills or shiny coins that’s fueling the national economy. In a paper that appears in the latest issue of ...

The key function of banks in the real world is endogenously creating (inside) money. But they do so facing solvency, liquidity and maturity risks and being subject to regulatory and demand constraints ...

To understand money supply growth, it is essential to distinguish between reserve creation and deposit creation. Garrett argues that referring to the Fed’s operations as 'money printing' is not merely ...