“Show me the money” – or how the institutional aspects of monetary policy implementation render money supply endogenous

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The paper is based on the M.A. thesis supervised by prof. Zbigniew Hockuba and defended at the Faculty of Economic Sciences, Warsaw University. I would like to thank the colleagues and mentors whose work and ideas have greatly influenced my thinking on these issues and without the help of whom this paper could not have been written, especially Adam Kot, Michał Brzoza-Brzezina, Marek Rozkrut, Witold Grostal and Piotr Szpunar. I would also like to thank two anonymous referees for their comments which helped significantly improve the paper. Needless to say, none of them is responsible for any remaining errors.