which inside money is created, does not require any act of intentional saving. The mechanism allowing banks to lend deposits … inside money creation from lending, and distributing it on a nonlending basis to depositors through specialized payment …

vectors for the production function and the real money demand function to recover the structural output and money gaps for … output gap, and the real money gap. Using heterogeneous panel cointegration estimation techniques, we estimate cointegrating … inflation, albeit with a larger role played by the money gap. There is no significant evidence of asymmetry in the relationship. …