Arestis, Philip; Sawyer, Malcolm - In: Cambridge Journal of Economics 30 (2006) 6, pp. 847-860
This paper considers the nature and role of monetary policy when money is modelled as credit money endogenously created within the private sector. There are currently two schools of thought that view money as endogenous: one has been labelled the 'new consensus' in macroeconomics, and the other...