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Post‐Keynesian endogenous money theory: Horizontalists, structuralists and the paradox of illiquidity

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  • Matteo Deleidi

Abstract

The paper aims to provide a theoretical advancement in the post‐Keynesian debate between horizontalists and structuralists by offering an additional theoretical support to the horizontalist view. Through the newly introduced notion of paradox of illiquidity, a critique to the endogenous money–liquidity preference model is developed, by focusing on the relationship between the volume of loans and the mark‐up. The paradox of illiquidity aims to deny: (a) the idea of a banking sector achieving illiquid position during its lending activities and, consequently, (b) the view of an upward sloping credit supply curve.

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  • Matteo Deleidi, 2020. "Post‐Keynesian endogenous money theory: Horizontalists, structuralists and the paradox of illiquidity," Metroeconomica, Wiley Blackwell, vol. 71(1), pages 156-175, February.
    • Handle: RePEc:bla:metroe:v:71:y:2020:i:1:p:156-175
    DOI: 10.1111/meca.12271
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    Cited by:

    1. Ostapenko, V. & Buglevsky, E., 2022. "Money supply in the history of macroeconomic thought: 50 shades of endogeneity," Journal of the New Economic Association, New Economic Association, vol. 55(3), pages 156-176.
    2. Jessica Reale, 2022. "Interbank market and funding liquidity risk in a stock‐flow consistent model," Metroeconomica, Wiley Blackwell, vol. 73(3), pages 734-769, July.
    3. Mark Setterfield, 2020. "Editorial to the special issue: The monetary economics of Basil J. Moore," Working Papers 2002, New School for Social Research, Department of Economics.
    4. Di Bucchianico, Stefano, 2021. "Inequality, household debt, ageing and bubbles: A model of demand-side Secular Stagnation," IPE Working Papers 160/2021, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

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