The endogenous nature of money is a fact that has been recognized rather late in monetary economics. This book revisits the nature of money and its endogeneity, featuring a number of the protagonists who took part in the original debates in the 1980s and 1990s, as well as new voices and analyses.

Contents: Introduction: the need to discuss endogenous money again Louis-Philippe Rochon and Sergio Rossi PART I ENDOGENOUS MONEY IN THE REAL WORLD 1. Money endogeneity before central banking: perspectives from monetary history Jane Knodell 2. Modern central bank operations: the general principles Scott T. Fullwiler 3. The theory of endogenous money and the LM schedule: prelude to a reconstruction of IS–LM Thomas I. Palley 4. Money and interest rate determination in a system with no reserve requirements Sergio Rossi 5. New insights on the money-supply-endogeneity debate and the new ‘equity’ multiplier: some evidence from the euro area Yannis Panagopoulos and Aristotelis Spiliotis 6. Liquidity, finance, and economic growth: some unresolved issues for developing economies Noemi Levy-Orlik PART II ENDOGENOUS MONEY IN THE ECONOMIC THOUGHT 7. Money endogeneity and the quantity theory: the case of commodity-money Allin Cottrell 8. Nicholas Kaldor and the war on monetarism John E. King 9. The principle of effective demand and the state of post-Keynesian monetary economics Colin Rogers 10. Endogenous money and the tyranny of demand and supply Malcolm Sawyer 11. An evolutionary–institutionalist re-appraisal of the endogenous-money-supply theory Christopher J. Niggle 12. Interest rate determination and endogenous money John Smithin PART III ENDOGENOUS MONEY IN POST-KEYNESIAN ANALYSIS 13. The analytical role of endogenous money and the horizontalist–structuralist debate Peter Docherty 14. The horizontalist debate: lessons from New Zealand Paul Dalziel 15. The rate of interest as a macroeconomic distribution parameter: horizontalism and post-Keynesian models of distribution and growth Eckhard Hein 16. Assessing some structuralist claims through a coherent stock–flow framework Marc Lavoie 17. Horizontalism and structuralism: a suggested re-interpretation Louis-Philippe Rochon and Sergio Rossi 18. An essay on horizontalism, structuralism and historical time Mark Setterfield 19. A revisitation of the debate between the horizontalist and structuralist analyses of endogenous money: single-period analysis versus continuation analysis Giuseppe Fontana Index