The relevant economic literature frequently focuses on the impact of credit shocks on housing prices. The doctrine of the New Consensus Macroeconomics completely ignores bank credit. The Great Recession, however, has highlighted the significance of bank credit. The purpose of this contribution...

The dominance of the orthodox paradigm over the last decades prior to the “great recession†left no room for the notion of “endogenous money†in the development of economic theory. However, this alternative direction of the causality of demand for money-credit and economic...

Relevant economic literature frequently focuses on the impact of credit shocks on housing prices. The macroeconomic doctrine of the new consensus macroeconomics completely ignores bank credit. However, the Great Recession has highlighted the importance of bank credit. The purpose of this article...

Relevant economic literature frequently focuses on the impact of credit shocks on housing prices. The macroeconomic doctrine of the new consensus macroeconomics completely ignores bank credit. However, the Great Recession has highlighted the importance of bank credit. The purpose of this article...