Sullo statuto teorico dell'offerta di moneta: un dibattito con Augusto Graziani

In this article the debate between Prof. Augusto Graziani and the author on the monetary theory of production is carried further on. The main purpose of the paper is to delineate - along Keynesian lines and in opposition to the theory of the credit money circuit - a consistent and realistic view of the nature of the supply of money, general enough to embrace as limit-cases both a strictly endogenous and a strictly exogenous money supply. The interdependence of the supply and demand for money is explicitely recognized, as well as the central bank ability to control in the short term either the money supply or its supply price.