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A Model with Private Bank Money, Inventories and Inflation

In: Monetary Economics

Author

Listed:
  • Wynne Godley
  • Marc Lavoie

Abstract

The present chapter applies the accounting lessons and the pricing behaviour that we discussed in Chapter 8. A preliminary model describing a closed economy with no government is deployed, based on ‘inside’ money created by banks. After having explored its main features, we will be able to move on to two more realistic models of a whole modern industrial monetary economy, those of Chapters 10 and 11, that deal simultaneously with privately issued money and government-issued money.

Suggested Citation

  • Wynne Godley & Marc Lavoie, 2007. "A Model with Private Bank Money, Inventories and Inflation," Palgrave Macmillan Books, in: Monetary Economics, chapter 9, pages 284-313, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62654-6_9
    DOI: 10.1057/9780230626546_9
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