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id="toc-Monetary_policy-sublist" class="vector-toc-list"> <li id="toc-Money_supply" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Money_supply"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Money supply</span> </div> </a> <ul id="toc-Money_supply-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Debt_monetization" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Debt_monetization"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>Debt monetization</span> </div> </a> <ul id="toc-Debt_monetization-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Open_market_operations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Open_market_operations"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3</span> <span>Open market operations</span> </div> </a> <ul id="toc-Open_market_operations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Money_multiplier" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Money_multiplier"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.4</span> <span>Money multiplier</span> </div> </a> <ul id="toc-Money_multiplier-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Degree_of_control" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Degree_of_control"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Degree of control</span> </div> </a> <ul id="toc-Degree_of_control-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Credit_theory_of_money" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Credit_theory_of_money"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Credit theory of money</span> </div> </a> <ul id="toc-Credit_theory_of_money-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Footnotes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Footnotes"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Footnotes</span> </div> </a> <ul id="toc-Footnotes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div 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class="mw-page-title-main">Money creation</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 26 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-26" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">26 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D8%B3%D8%AA%D8%AD%D8%AF%D8%A7%D8%AB_%D8%A7%D9%84%D9%86%D9%82%D9%88%D8%AF" title="استحداث النقود – Arabic" lang="ar" hreflang="ar" data-title="استحداث النقود" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Pul_emissiyas%C4%B1" title="Pul emissiyası – Azerbaijani" lang="az" hreflang="az" data-title="Pul emissiyası" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Tvorba_pen%C4%9Bz" title="Tvorba peněz – Czech" lang="cs" hreflang="cs" data-title="Tvorba peněz" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Pengeskabelse" title="Pengeskabelse – Danish" lang="da" hreflang="da" data-title="Pengeskabelse" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Geldsch%C3%B6pfung" title="Geldschöpfung – German" lang="de" hreflang="de" data-title="Geldschöpfung" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Rahaloome" title="Rahaloome – Estonian" lang="et" hreflang="et" data-title="Rahaloome" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-es badge-Q70893996 mw-list-item" title=""><a href="https://es.wikipedia.org/wiki/Creaci%C3%B3n_monetaria" title="Creación monetaria – Spanish" lang="es" hreflang="es" data-title="Creación monetaria" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Mona_kreado" title="Mona kreado – Esperanto" lang="eo" hreflang="eo" data-title="Mona kreado" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%AE%D9%84%D9%82_%D9%BE%D9%88%D9%84" title="خلق پول – Persian" lang="fa" hreflang="fa" data-title="خلق پول" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Cr%C3%A9ation_mon%C3%A9taire" title="Création monétaire – French" lang="fr" hreflang="fr" data-title="Création monétaire" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%8B%A0%EC%9A%A9_%EC%B0%BD%EC%B6%9C" title="신용 창출 – Korean" lang="ko" hreflang="ko" data-title="신용 창출" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Penciptaan_uang" title="Penciptaan uang – Indonesian" lang="id" hreflang="id" data-title="Penciptaan uang" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Funzione_monetaria" title="Funzione monetaria – Italian" lang="it" hreflang="it" data-title="Funzione monetaria" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Emisija_(ekonomika)" title="Emisija (ekonomika) – Latvian" lang="lv" hreflang="lv" data-title="Emisija (ekonomika)" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/P%C3%A9nzteremt%C3%A9s" title="Pénzteremtés – Hungarian" lang="hu" hreflang="hu" data-title="Pénzteremtés" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Penciptaan_wang" title="Penciptaan wang – Malay" lang="ms" hreflang="ms" data-title="Penciptaan wang" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E4%BF%A1%E7%94%A8%E5%89%B5%E9%80%A0" title="信用創造 – Japanese" lang="ja" hreflang="ja" data-title="信用創造" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-oc mw-list-item"><a href="https://oc.wikipedia.org/wiki/Creacion_monet%C3%A0ria" title="Creacion monetària – Occitan" lang="oc" hreflang="oc" data-title="Creacion monetària" data-language-autonym="Occitan" data-language-local-name="Occitan" class="interlanguage-link-target"><span>Occitan</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Kreacja_pieni%C4%85dza" title="Kreacja pieniądza – Polish" lang="pl" hreflang="pl" data-title="Kreacja pieniądza" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Cria%C3%A7%C3%A3o_de_moeda" title="Criação de moeda – Portuguese" lang="pt" hreflang="pt" data-title="Criação de moeda" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Krijimi_i_paras%C3%AB" title="Krijimi i parasë – Albanian" lang="sq" hreflang="sq" data-title="Krijimi i parasë" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Penningskapande" title="Penningskapande – Swedish" lang="sv" hreflang="sv" data-title="Penningskapande" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%81%E0%B8%B2%E0%B8%A3%E0%B8%AA%E0%B8%A3%E0%B9%89%E0%B8%B2%E0%B8%87%E0%B9%80%E0%B8%87%E0%B8%B4%E0%B8%99" title="การสร้างเงิน – Thai" lang="th" hreflang="th" data-title="การสร้างเงิน" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/T%E1%BA%A1o_ti%E1%BB%81n" title="Tạo tiền – Vietnamese" lang="vi" hreflang="vi" data-title="Tạo tiền" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a 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data-event-name="pinnable-header.vector-appearance.unpin">hide</button> </div> </div> </div> </nav> </div> </div> <div id="bodyContent" class="vector-body" aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Process by which the money supply of an economic region is increased</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">This article is about the changes in the money supply. For how money itself was first created, see <a href="/wiki/History_of_money" title="History of money">History of money</a>.</div> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist dt::after{content:": "}.mw-parser-output .hlist dd::after,.mw-parser-output .hlist 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screen{html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of a series on <a href="/wiki/Financial_services" title="Financial services">financial services</a></td></tr><tr><th class="sidebar-title-with-pretitle" style="background:#efefef;padding:0.4em;"><a href="/wiki/Bank" title="Bank">Banking</a></th></tr><tr><td class="sidebar-image"><span class="skin-invert" typeof="mw:File"><a href="/wiki/File:Community_Noun_project_39956.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Community_Noun_project_39956.svg/120px-Community_Noun_project_39956.svg.png" decoding="async" width="120" height="126" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Community_Noun_project_39956.svg/180px-Community_Noun_project_39956.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8d/Community_Noun_project_39956.svg/240px-Community_Noun_project_39956.svg.png 2x" data-file-width="56" data-file-height="59" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Types of banks</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Advising_bank" title="Advising bank">Advising</a></li> <li><a href="/wiki/Banq_(term)" class="mw-redirect" title="Banq (term)">Banq</a></li> <li><a href="/wiki/Bulge_bracket" title="Bulge bracket">Bulge bracket</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central</a></li> <li><a href="/wiki/Commercial_bank" title="Commercial bank">Commercial</a></li> <li><a href="/wiki/Community_development_bank" title="Community development bank">Community development</a></li> <li><a href="/wiki/Cooperative_banking" title="Cooperative banking">Cooperative</a></li> <li><a href="/wiki/Credit_union" title="Credit union">Credit union</a></li> <li><a href="/wiki/Custodian_bank" title="Custodian bank">Custodian</a></li> <li><a href="/wiki/Depository_bank" title="Depository bank">Depository</a></li> <li><a href="/wiki/Development_finance_institution" title="Development finance institution">Development</a></li> <li><a href="/wiki/Direct_bank" title="Direct bank">Direct</a></li> <li><a href="/wiki/Export_credit_agency" title="Export credit agency">Export credit agency</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment</a></li> <li><a href="/wiki/Industrial_loan_company" title="Industrial loan company">Industrial</a></li> <li><a href="/wiki/Merchant_bank" title="Merchant bank">Merchant</a></li> <li><a href="/wiki/Bulge_Bracket#Middle_Market" class="mw-redirect" title="Bulge Bracket">Middle market</a></li> <li><a href="/wiki/Money_center_bank" title="Money center bank">Money center</a></li> <li><a href="/wiki/Mutual_savings_bank" title="Mutual savings bank">Mutual savings</a></li> <li><a href="/wiki/Neobank" title="Neobank">Neobank</a></li> <li><a href="/wiki/Offshore_bank" title="Offshore bank">Offshore</a></li> <li><a href="/wiki/Participation_banking" title="Participation banking">Participation</a></li> <li><a href="/wiki/Payments_bank" title="Payments bank">Payments</a></li> <li><a href="/wiki/Postal_savings_system" title="Postal savings system">Postal savings</a></li> <li><a href="/wiki/Private_bank" title="Private bank">Private</a></li> <li><a href="/wiki/Public_bank" title="Public bank">Public</a></li> <li><a href="/wiki/Retail_banking" title="Retail banking">Retail</a></li> <li><a href="/wiki/Savings_bank" title="Savings bank">Savings</a></li> <li><a href="/wiki/Savings_and_loan_association" title="Savings and loan association">Savings and loan</a></li> <li><a href="/wiki/Universal_bank" title="Universal bank">Universal</a></li> <li><a href="/wiki/Wholesale_banking" title="Wholesale banking">Wholesale</a></li> <li><a href="/wiki/Bank_holding_company" title="Bank holding company">Bank holding company</a></li></ul> <i><a href="/wiki/Lists_of_banks" title="Lists of banks">Lists of banks</a></i></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Bank_account" title="Bank account">Accounts</a> <b>·</b> <a href="/wiki/Bank_card" title="Bank card">Cards</a></div><div class="sidebar-list-content mw-collapsible-content hlist"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal; display:block;margin-top:0.15em;"> Accounts</th></tr><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Christmas_club" title="Christmas club">Christmas club</a></li> <li><a href="/wiki/Deposit_account" title="Deposit account">Deposit</a></li> <li><a href="/wiki/Money_market_account" title="Money market account">Money-market</a></li> <li><a href="/wiki/Savings_account" title="Savings account">Savings</a></li> <li><a href="/wiki/Time_deposit" title="Time deposit">Time deposit (Bond)</a></li></ul> <a href="/wiki/Transaction_account" title="Transaction account">Transaction (checking / current)</a></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal; display:block;margin-top:0.15em;"> Cards</th></tr><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/ATM_card" title="ATM card">ATM</a></li> <li><a href="/wiki/Credit_card" title="Credit card">Credit</a></li> <li><a href="/wiki/Debit_card" title="Debit card">Debit</a></li> <li><a href="/wiki/Credit_card#Prepaid_cards" title="Credit card">Prepaid</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Funds transfer</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Cheque" title="Cheque">Cheque</a></li> <li><a href="/wiki/Payment_card" title="Payment card">Card</a></li> <li><a href="/wiki/Electronic_funds_transfer" title="Electronic funds transfer">Electronic</a> <ul><li><a href="/wiki/Electronic_bill_payment" title="Electronic bill payment">Bill payment</a></li> <li><a href="/wiki/Mobile_payment" title="Mobile payment">Mobile</a></li></ul></li> <li><a href="/wiki/Wire_transfer" title="Wire transfer">Wire</a> <ul><li><a href="/wiki/Real-time_gross_settlement" title="Real-time gross settlement">RTGS</a></li> <li><a href="/wiki/Net_settlement" title="Net settlement">NS</a></li></ul></li> <li><a href="/wiki/Automated_clearing_house" title="Automated clearing house">ACH</a></li> <li><a href="/wiki/Instant_payment" title="Instant payment">Instant payment</a></li> <li><a href="/wiki/Giro_(banking)" title="Giro (banking)">Giro</a></li> <li><a href="/wiki/SWIFT" title="SWIFT">SWIFT</a> <ul><li><a href="/wiki/Correspondent_account" title="Correspondent account">Correspondent account</a></li></ul></li> <li><a href="/wiki/CLS_Group#Operations" title="CLS Group">CLS</a></li> <li><a href="/wiki/Cross-Border_Interbank_Payment_System" title="Cross-Border Interbank Payment System">CIPS</a></li> <li><a href="/wiki/SPFS" title="SPFS">SPFS</a></li> <li><a href="/wiki/BRICS_PAY" title="BRICS PAY">BRICS PAY</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Terms</div><div class="sidebar-list-content mw-collapsible-content hlist"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><td class="sidebar-content" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Asset" title="Asset">Asset</a> <ul><li><a href="/wiki/Asset_allocation" title="Asset allocation">allocation</a></li> <li><a href="/wiki/Asset_and_liability_management" title="Asset and liability management">management</a></li></ul></li> <li><a href="/wiki/Automated_teller_machine" class="mw-redirect" title="Automated teller machine">Automated teller machine</a></li> <li><a href="/wiki/Bad_debt" title="Bad debt">Bad debt</a></li> <li><a href="/wiki/Bank_regulation" class="mw-redirect" title="Bank regulation">Bank regulation</a></li> <li><a href="/wiki/Bank_secrecy" title="Bank secrecy">Bank secrecy</a></li> <li><a href="/wiki/Capital_appreciation" title="Capital appreciation">Asset growth</a></li> <li><a href="/wiki/Capital_asset" title="Capital asset">Capital asset</a></li> <li><a href="/wiki/Cash" title="Cash">Cash</a></li> <li><a href="/wiki/Climate_finance" title="Climate finance">Climate finance</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Disinvestment" title="Disinvestment">Disinvestment</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification (finance)</a></li> <li><a href="/wiki/Eco-investing" title="Eco-investing">Eco-investing</a></li> <li><a href="/wiki/Economic_bubble" title="Economic bubble">Economic bubble</a></li> <li><a href="/wiki/Economic_expansion" title="Economic expansion">Economic expansion</a></li> <li><a href="/wiki/Enterprise_value" title="Enterprise value">Enterprise value</a></li> <li><a href="/wiki/Enterprise_risk_management" title="Enterprise risk management">Enterprise risk management</a></li> <li><a href="/wiki/Environmental_finance" title="Environmental finance">Environmental finance</a></li> <li><a href="/wiki/Environmental,_social,_and_governance" title="Environmental, social, and governance">ESG</a></li> <li><a href="/wiki/Ethical_banking" title="Ethical banking">Ethical banking</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a> <ul><li><a href="/wiki/Financial_analysis" title="Financial analysis">analysis</a></li> <li><a href="/wiki/Financial_analyst" title="Financial analyst">analyst</a></li> <li><a href="/wiki/Financial_asset" title="Financial asset">asset</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">economics</a></li> <li><a href="/wiki/Financial_engineering" title="Financial engineering">engineering</a></li> <li><a href="/wiki/Financial_forecast" title="Financial forecast">forecast</a></li> <li><a href="/wiki/Financial_plan" title="Financial plan">plan</a></li> <li><a href="/wiki/Financial_planner" title="Financial planner">planner</a></li> <li><a href="/wiki/Financial_services" title="Financial services">services</a></li></ul></li> <li><a href="/wiki/Fractional-reserve_banking" title="Fractional-reserve banking">Fractional-reserve banking</a></li> <li><a href="/wiki/Full-reserve_banking" title="Full-reserve banking">Full-reserve banking</a></li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Growth_investing" title="Growth investing">Growth investing</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedge (finance)</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/Investment_advisory" title="Investment advisory">Investment advisory</a></li> <li><a href="/wiki/Investment_management" title="Investment management">Investment management</a></li> <li><a href="/wiki/Islamic_banking_and_finance" title="Islamic banking and finance">Islamic banking</a></li> <li><a href="/wiki/Loan" title="Loan">Loan</a></li> <li><a href="/wiki/Mathematical_finance" title="Mathematical finance">Mathematical finance</a></li> <li><a href="/wiki/Mobile_banking" title="Mobile banking">Mobile banking</a></li> <li><a class="mw-selflink selflink">Money creation</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension fund</a></li> <li><a href="/wiki/Private_banking" title="Private banking">Private banking</a></li> <li><a href="/wiki/Sustainability" title="Sustainability">Sustainability</a></li> <li><a href="/wiki/Sustainable_finance" title="Sustainable finance">Sustainable finance</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Statistical_finance" title="Statistical finance">Statistical finance</a></li> <li><a href="/wiki/Strategic_financial_management" title="Strategic financial management">Strategic financial management</a></li> <li><a href="/wiki/Stress_test_(financial)" title="Stress test (financial)">Stress test (financial)</a></li> <li><a href="/wiki/Structured_finance" title="Structured finance">Structured finance</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured product</a></li> <li><a href="/wiki/Toxic_asset" title="Toxic asset">Toxic asset</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Related topics</div><div class="sidebar-list-content mw-collapsible-content hlist" style="padding-bottom:0;"> <ul><li><a href="/wiki/Asset_pricing" title="Asset pricing">Asset pricing</a></li> <li><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bond (finance)</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Cost_of_capital" title="Cost of capital">Cost of capital</a></li> <li><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equity (finance)</a></li> <li><a href="/wiki/Ethical_banking" title="Ethical banking">Ethical banking</a></li> <li><a href="/wiki/Exchange_traded_fund" class="mw-redirect" title="Exchange traded fund">Exchange traded fund</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a></li> <li><a href="/wiki/Financial_law" title="Financial law">law</a> <ul><li><a href="/wiki/Financial_market" title="Financial market">market</a></li> <li><a href="/wiki/Financial_market_participants" title="Financial market participants">participants</a></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">regulation</a></li> <li><a href="/wiki/Financial_risk" title="Financial risk">risk</a></li> <li><a href="/wiki/Financial_system" title="Financial system">system</a></li></ul></li> <li><a href="/wiki/History_of_banking" title="History of banking">History of banking</a></li> <li><a href="/wiki/List_of_banks_(alphabetical)" title="List of banks (alphabetical)">List of banks</a></li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a></li> <li><a href="/wiki/Personal_finance" title="Personal finance">Personal finance</a></li> <li><a href="/wiki/Public_finance" title="Public finance">Public finance</a></li> <li><a href="/wiki/Security_(finance)" title="Security (finance)">Security (finance)</a></li> <li><a href="/wiki/Share_(finance)" title="Share (finance)">Shares</a></li> <li><a href="/wiki/Sustainable_development_goals" class="mw-redirect" title="Sustainable development goals">Sustainable development goals</a></li> <li><a href="/wiki/Systematic_risk" title="Systematic risk">Systematic risk</a></li> <li><a href="/wiki/Systemic_risk" title="Systemic risk">Systemic risk</a></li> <li><a href="/wiki/Time_value_of_money" title="Time value of money">Time value of money</a></li> <li><a href="/wiki/Too_big_to_fail" title="Too big to fail">Too big to fail</a></li> <li><a href="/wiki/Too_connected_to_fail" title="Too connected to fail">Too connected to fail</a></li> <li><a href="/wiki/Watered_stock" title="Watered stock">Watered stock</a></li></ul> <ol><li class="mw-empty-elt"></li></ol></div></div></td> </tr><tr><td class="sidebar-below hlist"> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Banking" title="Category:Banking">Category</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Commons page"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" decoding="async" width="12" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/18px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/24px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></span></span> <a href="https://commons.wikimedia.org/wiki/Category:Banking" class="extiw" 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rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Macroeconomics" title="Category:Macroeconomics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></th></tr><tr><td class="sidebar-image" style="padding-top:0.6em;"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Ec_8_(26088200676)_(cropped).jpg" class="mw-file-description"><img alt="Federal Reserve" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/220px-Ec_8_%2826088200676%29_%28cropped%29.jpg" decoding="async" width="220" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/330px-Ec_8_%2826088200676%29_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/440px-Ec_8_%2826088200676%29_%28cropped%29.jpg 2x" data-file-width="2400" data-file-height="1633" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Basic concepts</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a></li> <li><a href="/wiki/Aggregate_supply" title="Aggregate supply">Aggregate supply</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Compound_annual_growth_rate" title="Compound annual growth rate">CAGR</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a></li> <li><a href="/wiki/Demand_shock" title="Demand shock">Demand shock</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li>Expectations <ul><li><a href="/wiki/Adaptive_expectations" title="Adaptive expectations">Adaptive</a></li> <li><a href="/wiki/Rational_expectations" title="Rational expectations">Rational</a></li></ul></li> <li><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crisis</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Growth</a></li> <li><a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Demand-pull_inflation" title="Demand-pull inflation">Demand-pull</a></li> <li><a href="/wiki/Cost-push_inflation" title="Cost-push inflation">Cost-push</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Investment_(macroeconomics)" title="Investment (macroeconomics)">Investment</a></li> <li><a href="/wiki/Liquidity_trap" title="Liquidity trap">Liquidity trap</a></li> <li><a href="/wiki/Measures_of_national_income_and_output" title="Measures of national income and output">Measures of national income and output</a> <ul><li><a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a></li> <li><a href="/wiki/Gross_national_income" title="Gross national income">GNI</a></li> <li><a href="/wiki/Net_national_income" title="Net national income">NNI</a></li></ul></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations</a></li> <li><a href="/wiki/Money" title="Money">Money</a> <ul><li><a href="/wiki/Endogenous_money" title="Endogenous money">Endogenous</a></li></ul></li> <li><a class="mw-selflink selflink">Money creation</a></li> <li><a href="/wiki/Demand_for_money" title="Demand for money">Demand for money</a> <ul><li><a href="/wiki/Liquidity_preference" title="Liquidity preference">Liquidity preference</a></li></ul></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounts</a> <ul><li><a href="/wiki/System_of_National_Accounts" title="System of National Accounts">SNA</a></li></ul></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Nominal rigidity</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Shrinkflation" title="Shrinkflation">Shrinkflation</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply shock</a></li> <li><a href="/wiki/National_saving" title="National saving">Saving</a></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Policies</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary</a></li> <li><a href="/wiki/Commercial_policy" title="Commercial policy">Commercial</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Universal_basic_income" title="Universal basic income">Universal basic income</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Models</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS–LM</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">AD–AS</a></li> <li><a href="/wiki/Keynesian_cross" title="Keynesian cross">Keynesian cross</a></li> <li><a href="/wiki/Multiplier_(economics)" title="Multiplier (economics)">Multiplier</a></li> <li><a href="/wiki/Accelerator_effect" title="Accelerator effect">Accelerator</a></li> <li><a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a></li> <li><a href="/wiki/Arrow%E2%80%93Debreu_model" title="Arrow–Debreu model">Arrow–Debreu</a></li> <li><a href="/wiki/Harrod%E2%80%93Domar_model" title="Harrod–Domar model">Harrod–Domar</a>Нмиф</li> <li><a href="/wiki/Solow%E2%80%93Swan_model" title="Solow–Swan model">Solow–Swan</a></li> <li><a href="/wiki/Ramsey%E2%80%93Cass%E2%80%93Koopmans_model" title="Ramsey–Cass–Koopmans model">Ramsey–Cass–Koopmans</a></li> <li><a href="/wiki/Overlapping_generations_model" title="Overlapping generations model">Overlapping generations</a></li> <li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General equilibrium</a> <ul><li><a href="/wiki/Dynamic_stochastic_general_equilibrium" title="Dynamic stochastic general equilibrium">DSGE</a></li></ul></li> <li><a href="/wiki/Endogenous_growth_theory" title="Endogenous growth theory">Endogenous growth</a></li> <li><a href="/wiki/Matching_theory_(economics)" class="mw-redirect" title="Matching theory (economics)">Matching theory</a></li> <li><a href="/wiki/Mundell%E2%80%93Fleming_model" title="Mundell–Fleming model">Mundell–Fleming</a></li> <li><a href="/wiki/Overshooting_model" title="Overshooting model">Overshooting</a></li> <li><a href="/wiki/NAIRU" title="NAIRU">NAIRU</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Related fields</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary economics</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development economics</a></li> <li><a href="/wiki/International_economics" title="International economics">International economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">Schools</a></div><div class="sidebar-list-content mw-collapsible-content hlist"><i>Mainstream</i> <ul><li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li></ul></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li> <li><a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater and freshwater</a></li></ul> <p><i>Heterodox</i> </p> <ul><li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/Category:Macroeconomists" title="Category:Macroeconomists">People</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">François Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Thomas Robert Malthus</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a></li> <li><a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a></li> <li><a href="/wiki/Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Wesley Clair Mitchell</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a></li> <li><a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Simon Kuznets</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a></li> <li><a href="/wiki/Richard_Stone" title="Richard Stone">Richard Stone</a></li> <li><a href="/wiki/Hyman_Minsky" title="Hyman Minsky">Hyman Minsky</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a></li> <li><a href="/wiki/Lawrence_Klein" title="Lawrence Klein">Lawrence Klein</a></li> <li><a href="/wiki/Edmund_Phelps" title="Edmund Phelps">Edmund Phelps</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Robert Lucas Jr.</a></li> <li><a href="/wiki/Edward_C._Prescott" title="Edward C. Prescott">Edward C. Prescott</a></li> <li><a href="/wiki/Peter_Diamond" title="Peter Diamond">Peter Diamond</a></li> <li><a href="/wiki/William_Nordhaus" title="William Nordhaus">William Nordhaus</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li> <li><a href="/wiki/Thomas_J._Sargent" title="Thomas J. Sargent">Thomas J. Sargent</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a></li> <li><a href="/wiki/Greg_Mankiw" title="Greg Mankiw">N. Gregory Mankiw</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">See also</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Macroeconomic_model" title="Macroeconomic model">Macroeconomic model</a></li> <li><a href="/wiki/List_of_important_publications_in_economics#Macroeconomics" title="List of important publications in economics">Publications in macroeconomics</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below plainlist"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" 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.ambox{display:none!important}}</style><table class="box-Copy_edit plainlinks metadata ambox ambox-style ambox-Copy_edit" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/52/Acap.svg/36px-Acap.svg.png" decoding="async" width="36" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/52/Acap.svg/54px-Acap.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/52/Acap.svg/72px-Acap.svg.png 2x" data-file-width="45" data-file-height="50" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This article <b>may require <a href="/wiki/Wikipedia:Basic_copyediting" title="Wikipedia:Basic copyediting">copy editing</a> for grammar, style, cohesion, tone, or spelling</b>.<span class="hide-when-compact"> You can assist by <a href="/wiki/Special:EditPage/Money_creation" title="Special:EditPage/Money creation">editing it</a>.</span> <span class="date-container"><i>(<span class="date">April 2024</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p><b>Money creation</b>, or <b>money issuance</b>, is the process by which the <a href="/wiki/Money_supply" title="Money supply">money supply</a> of a country, or an economic or monetary region,<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>note 1<span class="cite-bracket">]</span></a></sup> is increased. In most modern economies, money is created by both <a href="/wiki/Central_bank" title="Central bank">central banks</a> and <a href="/wiki/Commercial_bank" title="Commercial bank">commercial banks</a>. Money issued by central banks is a liability, typically called reserve deposits, and is only available for use by central bank account holders, which are generally large commercial banks and foreign central banks. Central banks can increase the quantity of reserve deposits directly, by making loans to account holders, purchasing <a href="/wiki/Asset" title="Asset">assets</a> from account holders, or by recording an asset, such as a deferred asset, and directly increasing liabilities. However, the majority of the money supply used by the public for conducting <a href="/wiki/Financial_transaction" title="Financial transaction">transactions</a> is created by the commercial banking system in the form of commercial bank deposits. Bank loans issued by commercial banks expand the quantity of bank deposits.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>Money creation occurs when the amount of loans issued by banks increases relative to the repayment and default of existing loans. Governmental authorities, including central banks and other bank regulators, can use various policies, mainly setting short-term <a href="/wiki/Interest_rate" title="Interest rate">interest rates</a>, to influence the amount of bank deposits commercial banks create.<sup id="cite_ref-ecb2017_3-0" class="reference"><a href="#cite_note-ecb2017-3"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Monetary_policy">Monetary policy</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Money_creation&action=edit&section=1" title="Edit section: Monetary policy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Monetary_policy" title="Monetary policy">Monetary policy</a></div> <p>The <a href="/wiki/Monetary_authority" class="mw-redirect" title="Monetary authority">monetary authority</a> of a nation—typically its <a href="/wiki/Central_bank" title="Central bank">central bank</a>—influences the economy by creating and destroying liabilities on its balance sheet with the intent to change the supply of money available for conducting transactions and generating income. The policy which defines how the central bank changes its ledger to reduce or increase the amount of money in the economy available for banks to conduct transactions is known as monetary policy. If the central bank is charged with maintaining price or employment levels in the economy by law, monetary policy may include reducing the money supply during times of high inflation in order to increase unemployment, in the hopes that reducing employment also reduces spending on goods and services which exhibit increasing prices.<sup id="cite_ref-Palgrave_4-0" class="reference"><a href="#cite_note-Palgrave-4"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Monetary policy directly impacts the availability and the cost of commercial bank deposits in the economy,<sup id="cite_ref-fedmon_7-0" class="reference"><a href="#cite_note-fedmon-7"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> which in turn impacts investment, stock prices, <a href="/wiki/Consumption_(economics)" title="Consumption (economics)">private consumption</a>, <a href="/wiki/Demand_for_money" title="Demand for money">demand for money</a>, and overall economic activity.<sup id="cite_ref-imfmon_8-0" class="reference"><a href="#cite_note-imfmon-8"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Exchange_rate" title="Exchange rate">exchange rate</a> of a country's <a href="/wiki/National_currency" class="mw-redirect" title="National currency">currency</a> impacts the value of its <a href="/wiki/Net_export" class="mw-redirect" title="Net export">net exports</a>. </p><p>In most <a href="/wiki/Developed_countries" class="mw-redirect" title="Developed countries">developed countries</a>, central banks conduct their monetary policy within an <a href="/wiki/Inflation_targeting" title="Inflation targeting">inflation targeting</a> framework,<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> whereas the monetary policies of most <a href="/wiki/Developing_countries" class="mw-redirect" title="Developing countries">developing countries</a>' central banks target some kind of a <a href="/wiki/Fixed_exchange_rate_system" title="Fixed exchange rate system">fixed exchange rate system</a>.<sup id="cite_ref-IMF_10-0" class="reference"><a href="#cite_note-IMF-10"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> Central banks operate in practically every nation in the world, with few exceptions. There are also groups of countries for which a single entity acts as their central bank, such as the organization of states of Central Africa, which have a common central bank (the <a href="/wiki/Bank_of_Central_African_States" title="Bank of Central African States">Bank of Central African States</a>); or monetary unions, such as the <a href="/wiki/Eurozone" title="Eurozone">Eurozone</a>, whereby nations retain their respective central bank yet submit to the policies of a central entity, the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a>. </p><p>Central banks conduct monetary policy by setting a rate of interest paid on central bank deposit liabilities, directly purchasing or selling assets in order to change the amount of deposits on their balance sheet, or by signaling to the market through speeches and written guidance an intent to change the rate of interest on deposits or purchase or sell assets in the future.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>Lowering interest rates by reducing the amount of interest paid on central bank liabilities or purchasing assets like bank loans and government bonds for higher prices (resulting in an increase in bank reserve deposits on the central bank ledger) is called <a href="/wiki/Monetary_expansion" class="mw-redirect" title="Monetary expansion">monetary expansion</a> or <a href="/wiki/Monetary_easing" class="mw-redirect" title="Monetary easing">monetary easing</a>, whereas raising rates by paying more interest on central bank liabilities is known as <a href="/wiki/Monetary_contraction" class="mw-redirect" title="Monetary contraction">monetary contraction</a> or tightening (resulting in a decrease of bank reserve deposits on the central bank ledger). An extraordinary process of monetary easing (keeping rates low) is denoted as <a href="/wiki/Quantitative_easing" title="Quantitative easing">quantitative easing</a>, which involves the central bank purchasing large amounts of assets for high prices over an extended period of time. </p> <div class="mw-heading mw-heading3"><h3 id="Money_supply">Money supply</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Money_creation&action=edit&section=2" title="Edit section: Money supply"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Money_supply" title="Money supply">Money supply</a></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Credit_Mechanics_4_mechanical_interrelationships_governing_the_credit_volume_(Table_1_by_F._Decker_%26_C._Goodhart_2021).PNG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/15/Credit_Mechanics_4_mechanical_interrelationships_governing_the_credit_volume_%28Table_1_by_F._Decker_%26_C._Goodhart_2021%29.PNG/440px-Credit_Mechanics_4_mechanical_interrelationships_governing_the_credit_volume_%28Table_1_by_F._Decker_%26_C._Goodhart_2021%29.PNG" decoding="async" width="440" height="141" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/15/Credit_Mechanics_4_mechanical_interrelationships_governing_the_credit_volume_%28Table_1_by_F._Decker_%26_C._Goodhart_2021%29.PNG/660px-Credit_Mechanics_4_mechanical_interrelationships_governing_the_credit_volume_%28Table_1_by_F._Decker_%26_C._Goodhart_2021%29.PNG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/15/Credit_Mechanics_4_mechanical_interrelationships_governing_the_credit_volume_%28Table_1_by_F._Decker_%26_C._Goodhart_2021%29.PNG/880px-Credit_Mechanics_4_mechanical_interrelationships_governing_the_credit_volume_%28Table_1_by_F._Decker_%26_C._Goodhart_2021%29.PNG 2x" data-file-width="916" data-file-height="293" /></a><figcaption>In accordance to "credit mechanics" bank money expansion or destruction (or not changing) depends on payment flows.</figcaption></figure> <p>The term "money supply" commonly denotes the total, safe, <a href="/wiki/Financial_asset" title="Financial asset">financial assets</a> that households and businesses can use to make payments or to hold as short-term investment.<sup id="cite_ref-fedms_12-0" class="reference"><a href="#cite_note-fedms-12"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> The money supply is measured using the so-called "<a href="/wiki/Monetary_aggregates" class="mw-redirect" title="Monetary aggregates">monetary aggregates</a>", defined based on their respective level of <a href="/wiki/Liquidity" title="Liquidity">liquidity</a>. In the United States, for example: </p> <ul><li><b>M0</b>: The total of all physical currency including coinage. Using the United States dollar as an example, M0 = <a href="/wiki/Federal_Reserve_note" class="mw-redirect" title="Federal Reserve note">Federal Reserve notes</a> + <a href="/wiki/United_States_Note" title="United States Note">US notes</a> + <a href="/wiki/Coins_of_the_United_States_dollar" title="Coins of the United States dollar">coins</a>. It is not relevant whether the currency is held inside or outside of the private banking system as reserves.</li> <li><b>M1</b>: The total amount of M0 (cash/coin) outside of the private banking system<sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><span title="Is this M0 different from the M0 number above? Sounds like M0 above includes reserve balances, M0 here does not? (December 2020)">clarification needed</span></a></i>]</sup> plus the amount of <a href="/wiki/Demand_deposit" title="Demand deposit">demand deposits</a>, <a href="/wiki/Traveler%27s_cheque" class="mw-redirect" title="Traveler's cheque">travelers checks</a> and <a href="/wiki/Negotiable_Order_of_Withdrawal_account" class="mw-redirect" title="Negotiable Order of Withdrawal account">other checkable deposits</a></li> <li><b>M2</b>: M1 + most <a href="/wiki/Savings_account" title="Savings account">savings accounts</a>, <a href="/wiki/Money_market_account" title="Money market account">money market accounts</a>, retail <a href="/wiki/Money_market_fund" title="Money market fund">money market mutual funds</a>, and small denomination time deposits (<a href="/wiki/Certificate_of_deposit" title="Certificate of deposit">certificates of deposit</a> of under $100,000).</li></ul> <p>In most countries the central bank, treasury, or other designated state authority is empowered to mint new physical currency, usually taking the form of metal coinage or paper banknotes. While the value of major currencies was once backed by the <a href="/wiki/Gold_standard" title="Gold standard">gold standard</a>, the end of the <a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a> in 1971 led to all major currencies becoming <a href="/wiki/Fiat_money" title="Fiat money">fiat money</a> — backed by a mutual agreement of value rather than a <a href="/wiki/Commodity" title="Commodity">commodity</a>. </p><p>Various measures are taken to prevent <a href="/wiki/Counterfeit_money" title="Counterfeit money">counterfeiting</a>, including the use of <a href="/wiki/Serial_number" title="Serial number">serial numbers</a> on banknotes and the minting of coinage using an <a href="/wiki/Alloy" title="Alloy">alloy</a> at or above its face value. Currency may be <a href="/wiki/Legal_tender#Demonetization" title="Legal tender">demonetized</a> for a variety of reasons, including <a href="/wiki/Withdrawal_of_low-denomination_coins" title="Withdrawal of low-denomination coins">loss of value</a> over time due to inflation, <a href="/wiki/Redenomination" title="Redenomination">redenomination</a> of its face value due to <a href="/wiki/Hyperinflation" title="Hyperinflation">hyperinflation</a>, or its replacement as <a href="/wiki/Legal_tender" title="Legal tender">legal tender</a> by another currency. The currency-issuing government agency typically work with commercial banks to distribute freshly-minted currency and retrieve worn currency for destruction, enabling the reuse of serial numbers on new banknotes.<sup id="cite_ref-mankiw2012_13-0" class="reference"><a href="#cite_note-mankiw2012-13"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>In modern economies, physical currency consists only of a fraction of the <a href="/wiki/Broad_money" title="Broad money">broad money</a> supply.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>note 2<span class="cite-bracket">]</span></a></sup> In the United Kingdom, <a href="/w/index.php?title=Gross_(economic)&action=edit&redlink=1" class="new" title="Gross (economic) (page does not exist)">gross</a> bank <a href="/wiki/Deposit_(finance)" title="Deposit (finance)">deposits</a> outweigh the physical currency issued by the central bank by a factor of more than 30 to 1. The United States, with a currency used substantially in legal and illicit international transactions, has a lower ratio of 8 to 1.<sup id="cite_ref-Palgrave_4-1" class="reference"><a href="#cite_note-Palgrave-4"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Debt_monetization">Debt monetization</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Money_creation&action=edit&section=3" title="Edit section: Debt monetization"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Debt_monetization" title="Debt monetization">Debt monetization</a></div> <p>Debt monetization is a term used to describe central bank money creation for use by government fiscal authorities, like the U.S. Treasury. In many states, such as Great Britain, all government spending is always financed by central bank money creation.<sup id="cite_ref-Berkeley2020_15-0" class="reference"><a href="#cite_note-Berkeley2020-15"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> Debt monetization as a concept is often based on a misunderstanding of modern financial systems compared to fixed exchange rate systems like the gold standard. </p><p>Historically, in a fixed exchanged rate financial system, central bank money creation directly for government spending by the fiscal authority was prohibited by law in many countries.<sup id="cite_ref-ryan2015_16-0" class="reference"><a href="#cite_note-ryan2015-16"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> However, in modern financial systems central banks and fiscal authorities work closely together to manage interest rates and economic stability. This involves the creation and destruction of deposits on the central bank ledger to ensure transactions can settle such that short term interest rates don't exceed specified targets. </p><p>In the <a href="/wiki/Eurozone" title="Eurozone">Eurozone</a>, Article 123 of the <a href="/wiki/Lisbon_Treaty" class="mw-redirect" title="Lisbon Treaty">Lisbon Treaty</a> explicitly prohibits the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a> from financing public institutions and state governments.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> In Japan, the nation's <a href="/wiki/Bank_of_Japan" title="Bank of Japan">central bank</a> "routinely" purchases approximately 70% of state debt issued each month,<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> and owns, as of Oct 2018, approximately 440 <a href="/wiki/Trillion_(short_scale)" class="mw-redirect" title="Trillion (short scale)">trillion</a> <a href="/wiki/Yen" class="mw-redirect" title="Yen">JP¥</a> (approx. $4trillion)<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>note 3<span class="cite-bracket">]</span></a></sup> or over 40% of all outstanding government bonds.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> In the United States, the 1913 <a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a> allowed <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">federal</a> banks to purchase short-term securities directly from the Treasury, in order to facilitate its <a href="/wiki/Cash" title="Cash">cash</a>-management operations. The <a href="/wiki/Banking_Act_of_1935" title="Banking Act of 1935">Banking Act of 1935</a> prohibited the central bank from directly purchasing Treasury securities, and permitted their purchase and sale only "in the open market". In 1942, during <a href="/wiki/United_States_home_front_during_World_War_II" title="United States home front during World War II">wartime</a>, Congress amended the Banking Act's provisions to allow purchases of government debt by the federal banks, with the total amount they'd hold "not [to] exceed $5 billion". After the war, the exemption was renewed, with time limitations, until it was allowed to expire in June 1981.<sup id="cite_ref-garbade_21-0" class="reference"><a href="#cite_note-garbade-21"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> Today, primary dealers in the United States are required to purchase all Treasuries at auction, and the U.S. central bank will create any quantity of reserve deposits necessary to settle the auction transaction. </p> <div class="mw-heading mw-heading3"><h3 id="Open_market_operations">Open market operations</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Money_creation&action=edit&section=4" title="Edit section: Open market operations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Open_market_operation" title="Open market operation">Open market operation</a></div> <p>Central banks can purchase or sell assets in the market, which is referred to as open market operations. When a central bank purchases assets from market participants, such as commercial banks who hold an account at the central bank, reserve deposits are deleted from their account and asset ownership is transferred to the commercial bank. In this way the central bank can modulate the amount of reserve deposits in the financial system, by exchanging financial assets like bonds for reserve deposits. For example, in the United States, when the Federal Reserve permanently purchases a security, the office responsible for implementing purchases and sales (The New York Fed's Open Market Trading Desk) buys eligible securities from primary dealers at prices determined in a competitive auction. The Federal Reserve pays for those securities by crediting the reserve accounts of the correspondent banks of the primary dealers. (The correspondent banks, in turn, credit the dealers’ bank accounts.) In this way, the open market purchase leads to an increase in reserve balances.<sup id="cite_ref-USFedExplained2024_22-0" class="reference"><a href="#cite_note-USFedExplained2024-22"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> Conversely, sales of assets by the US central bank reduces reserve balances, which reduces the amount of money available in the financial system for settling transactions between member banks. Central banks also engage in short term contracts to 'sell-assets-now, repurchase-later' to manage short term reserve deposit balances. These contracts, known as Repo (Repurchase) contracts, are short term (often overnight) contracts that are continually rolled over until some desired result in the financial system is achieved. Operations conducted by central banks can either address short-term goals on its agenda or long-term factors such as maintaining financial stability or maintaining a floor and/or ceiling around a targeted interest rate for reserve deposits. </p> <div class="mw-heading mw-heading3"><h3 id="Money_multiplier">Money multiplier</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Money_creation&action=edit&section=5" title="Edit section: Money multiplier"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Money_multiplier" title="Money multiplier">Money multiplier</a></div> <p>Historical explanations of money creation often focused on the concept of a money multiplier, where reserve deposits or an underlying commodity such as gold were multiplied by bank lending of those deposits or gold balances to a maximum limit defined by the reserve requirement for money lenders. Thus the total money supply was a function of the reserve requirement. Many states today, however, have no reserve requirement. The money multiplier has thus largely been abandoned as an explanatory tool for the money creation process. </p><p>When commercial banks lend money today, they expand the amount of bank deposits in the economy.<sup id="cite_ref-mcleay_23-0" class="reference"><a href="#cite_note-mcleay-23"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> The banking system can expand the money supply of a country far beyond the amount of reserve deposits created by the central bank, meaning contrary to popular belief, most money is not created by central banks.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> Some argue that banks are limited in the total amount they can lend by their <a href="/wiki/Capital_adequacy_ratio" title="Capital adequacy ratio">capital adequacy ratios</a> and, in countries that impose <a href="/wiki/Required_reserve_ratio" class="mw-redirect" title="Required reserve ratio">required reserve ratios</a>, by required reserves. </p><p>Bank capital, used for calculating the capital adequacy ratio, is assets on the bank balance sheet in excess of liabilities, with values further refined by regulation such as the international regulatory framework for banks, Basel III. Banks create capital by creating loans (assets) and destroying bank liabilities, which occurs when loans are repaid. This process increases bank equity, enabling banks to create commercial bank deposit liabilities (money) for their own use. In this way, banks create and manage their own capital levels. Because accounting conventions define the value of any given asset or liability, bank capital is a subjective measure which many argue is open to manipulation and may be a poor method for regulating money creation. </p><p>Reserve requirements oblige commercial banks to keep a minimum, predetermined, percentage of their deposits at an account at the central bank. Countries with no reserve requirement include the United States, Great Britain, Australia, Canada and New Zealand, which means no minimum reserve requirement is imposed on banks. The constraining factor on bank lending recognized today is largely the number of available borrowers willing to create loan contracts. </p> <div class="mw-heading mw-heading2"><h2 id="Degree_of_control">Degree of control</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Money_creation&action=edit&section=6" title="Edit section: Degree of control"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Whereas central banks can directly control the issuance of physical currency, the question to what extent they can control broad monetary aggregates like <a href="/wiki/M2_(economics)" class="mw-redirect" title="M2 (economics)">M2</a> by also indirectly controlling the money creation of commercial banks is more controversial.<sup id="cite_ref-Abel_26-0" class="reference"><a href="#cite_note-Abel-26"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> According to the <a href="/wiki/Money_multiplier" title="Money multiplier">money multiplier</a> theory, which is often cited in macroeconomics textbooks, the central bank controls the money multiplier because it can impose <a href="/wiki/Reserve_requirement" title="Reserve requirement">reserve requirements</a>, and consequently via this mechanism also governs the amount of money created by commercial banks.<sup id="cite_ref-Abel_26-1" class="reference"><a href="#cite_note-Abel-26"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> Most central banks in developed countries, however, have ceased to rely on this theory and stopped shaping their monetary policy through required reserves<sup id="cite_ref-Abel_26-2" class="reference"><a href="#cite_note-Abel-26"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Benjamin_M._Friedman" title="Benjamin M. Friedman">Benjamin Friedman</a> explains in his chapter on the money supply in <i><a href="/wiki/The_New_Palgrave_Dictionary_of_Economics" title="The New Palgrave Dictionary of Economics">The New Palgrave Dictionary of Economics</a></i> that the money multiplier representation is a short-hand simplification of a more complex equilibrium of supply and demand in the markets for both reserves (<a href="/wiki/Outside_money" title="Outside money">outside money</a>) and <a href="/wiki/Inside_money" title="Inside money">inside money</a>. Friedman adds that the simplification will work well or badly <i>"depending on the strength of the relevant interest elasticities and the extent of variation in interest rates and the many other factors involved"</i>.<sup id="cite_ref-Palgrave_4-2" class="reference"><a href="#cite_note-Palgrave-4"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> <a href="/wiki/David_Romer" title="David Romer">David Romer</a> notes in his graduate textbook "<i>Advanced Macroeconomics</i>" that it is difficult for central banks to control broad monetary aggregates like M2.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 607–608">: 607–608 </span></sup> </p><p><a href="/wiki/Monetarist" class="mw-redirect" title="Monetarist">Monetarist</a> theory, which was prominent during the 1970s and 1980s, argued that the central bank should concentrate on controlling the money supply through its monetary operations.<sup id="cite_ref-jahan2014_29-0" class="reference"><a href="#cite_note-jahan2014-29"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> The strategy did not work well for the central banks like the Federal Reserve who tried it, however, and it was abandoned after some years, central banks turning to steer interest rates to obtain their monetary policy goals rather than holding the quantity of base money fixed in order to steer money growth.<sup id="cite_ref-Blanchard_30-0" class="reference"><a href="#cite_note-Blanchard-30"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 464–465">: 464–465 </span></sup> Interest rates influence commercial bank issuance of credit indirectly, so the ceiling implied by the money multiplier does not impose a limit on money creation in practice.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> By setting interest rates, central-bank operations will affect, but not control the money supply.<sup id="cite_ref-mcleay_23-1" class="reference"><a href="#cite_note-mcleay-23"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>note 4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Credit_theory_of_money">Credit theory of money</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Money_creation&action=edit&section=7" title="Edit section: Credit theory of money"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Credit_theory_of_money" title="Credit theory of money">Credit theory of money</a></div> <p>The <a href="/wiki/Fractional-reserve_banking" title="Fractional-reserve banking">fractional reserve</a> theory of money creation where the <a href="/wiki/Money_supply" title="Money supply">money supply</a> is limited by the <a href="/wiki/Money_multiplier" title="Money multiplier">money multiplier</a> has been abandoned since the <a href="/wiki/Financial_crisis_of_2007%E2%80%932008" class="mw-redirect" title="Financial crisis of 2007–2008">financial crisis of 2007–2008</a>. It has been observed that <a href="/wiki/Bank_reserves" title="Bank reserves">bank reserves</a> are not a limiting factor because the <a href="/wiki/Central_bank" title="Central bank">central banks</a> supply more reserves than necessary (excess reserves).<sup id="cite_ref-SP2013_33-0" class="reference"><a href="#cite_note-SP2013-33"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> Economists and bankers now understand that the amount of money in circulation is limited only by the demand for loans.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-kumhof2016_35-0" class="reference"><a href="#cite_note-kumhof2016-35"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-mcleay_23-2" class="reference"><a href="#cite_note-mcleay-23"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>The <a href="/wiki/Credit_theory_of_money" title="Credit theory of money">credit theory of money</a>, initiated by <a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Joseph Schumpeter</a>, asserts the central role of banks as creators and allocators of the money supply, and distinguishes between "productive credit creation" (allowing non-inflationary <a href="/wiki/Economic_growth" title="Economic growth">economic growth</a> even at <a href="/wiki/Full_employment" title="Full employment">full employment</a>, in the presence of technological progress) and "unproductive credit creation" (resulting in <a href="/wiki/Inflation" title="Inflation">inflation</a> of either the <a href="/wiki/Consumer_price_inflation" class="mw-redirect" title="Consumer price inflation">consumer-</a> or <a href="/wiki/Asset_price_inflation" title="Asset price inflation">asset-price</a> variety).<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p><p>The model of bank lending stimulated through central-bank operations (such as "monetary easing") has been rejected by <a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-Keynesian</a><sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian</a> analysis<sup id="cite_ref-kelton_38-0" class="reference"><a href="#cite_note-kelton-38"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-mitch2009_39-0" class="reference"><a href="#cite_note-mitch2009-39"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> as well as central banks.<sup id="cite_ref-tucker2007_40-0" class="reference"><a href="#cite_note-tucker2007-40"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Disyatat_41-0" class="reference"><a href="#cite_note-Disyatat-41"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>note 5<span class="cite-bracket">]</span></a></sup> The major argument offered by dissident analysis is that any bank balance-sheet expansion (e.g. through a new loan) that leaves the bank short of the required reserves may affect the return it can expect on the loan, because of the extra cost the bank will undertake to return within the ratios limits – but this does not and "will never impede the bank's capacity to give the loan in the first place". Banks first lend and <i>then</i> cover their reserve ratios: The decision whether or not to lend is generally independent of their reserves with the central bank or their deposits from customers; banks are not lending out deposits or reserves, anyway. Banks lend on the basis of lending criteria, such as the status of the customer's business, the loan's prospects, and/or the overall economic situation.<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Money_creation&action=edit&section=8" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239009302">.mw-parser-output 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alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png" decoding="async" width="32" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/48px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/64px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></span></li></ul> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col"> <ul><li><a href="/wiki/Commissary_notes" title="Commissary notes">Commissary notes</a></li> <li><a href="/wiki/Commodity_money" title="Commodity money">Commodity money</a></li> <li><a href="/wiki/Fiat_money" title="Fiat money">Fiat money</a></li> <li><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal policy</a></li> <li><a href="/wiki/Functional_finance" title="Functional finance">Functional finance</a></li> <li><a href="/wiki/Gold_standard" title="Gold standard">Gold standard</a></li> <li><a href="/wiki/History_of_banking" title="History of banking">History of banking</a></li> <li><a href="/wiki/History_of_money" title="History of money">History of money</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary economics</a></li> <li><a href="/wiki/Monetary_reform" title="Monetary reform">Monetary reform</a></li> <li><a href="/wiki/Monetary_system" title="Monetary system">Monetary system</a></li> <li><a href="/wiki/Seigniorage" title="Seigniorage">Seigniorage</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="Footnotes">Footnotes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Money_creation&action=edit&section=9" title="Edit section: Footnotes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width reflist-columns-2"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text">Such as the <a href="/wiki/Eurozone" title="Eurozone">Eurozone</a> or <a href="/wiki/Economic_Community_of_Central_African_States" title="Economic Community of Central African States">ECCAS</a></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text">For example, in December 2010, in the United States, of the $8.853 trillion broad money supply (M2, table 1), only about 10% (or $915.7 billion, table 3) consisted of coins and paper money. See <a rel="nofollow" class="external text" href="https://www.federalreserve.gov/releases/h6/20110127/">Statistic</a>, FRS</span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text">At a $1=¥0.0094 conversion rate</span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text">"Another common misconception is that the central bank determines the quantity of loans and deposits in the economy by controlling the quantity of central bank money. ... Rather than controlling the quantity of reserves, central banks today typically implement monetary policy by setting the price of reserves — that is, interest rates." McLeay (2014)</span> </li> <li id="cite_note-42"><span class="mw-cite-backlink"><b><a href="#cite_ref-42">^</a></b></span> <span class="reference-text">"In reality, neither are[bank] reserves a binding constraint on lending, nor does the central bank fix the amount of reserves that are available. ... Banks first decide how much to lend depending on the profitable lending opportunities available to them — which will, crucially, depend on the interest rate set by the [central bank]." McLeay et al. (2014)</span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Money_creation&action=edit&section=10" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239543626"><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFBell" class="citation web cs1">Bell, Stephanie. <a rel="nofollow" class="external text" href="https://www.researchgate.net/publication/5208277">"The Role of the State and the Hierarchy of Money"</a>. <i>Research Gate</i>. Cambridge Journal of Economics<span class="reference-accessdate">. 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Retrieved <span class="nowrap">26 May</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Fed+Explained&rft.pub=US+Federal+Reserve&rft.au=US+Federal+Reserve&rft_id=https%3A%2F%2Fwww.federalreserve.gov%2Faboutthefed%2Ffiles%2Fthe-fed-explained.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney+creation" class="Z3988"></span></span> </li> <li id="cite_note-mcleay-23"><span class="mw-cite-backlink">^ <a href="#cite_ref-mcleay_23-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-mcleay_23-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-mcleay_23-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMcLeayRadiaThomas2014" class="citation web cs1">McLeay, Michael; Radia, Amar; Thomas, Ryland (2014). <a rel="nofollow" class="external text" href="https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy.pdf">"Money creation in the modern economy"</a> <span class="cs1-format">(PDF)</span>. <i>Quarterly Bulletin</i>. <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a><span class="reference-accessdate">. Retrieved <span class="nowrap">8 March</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Quarterly+Bulletin&rft.atitle=Money+creation+in+the+modern+economy&rft.date=2014&rft.aulast=McLeay&rft.aufirst=Michael&rft.au=Radia%2C+Amar&rft.au=Thomas%2C+Ryland&rft_id=https%3A%2F%2Fwww.bankofengland.co.uk%2F-%2Fmedia%2Fboe%2Ffiles%2Fquarterly-bulletin%2F2014%2Fmoney-creation-in-the-modern-economy.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney+creation" class="Z3988"></span></span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRevill2018" class="citation news cs1">Revill, John (June 11, 2018). <a rel="nofollow" class="external text" href="https://www.reuters.com/article/idUSKBN1J60C0/">"Swiss voters reject campaign to radically alter banking system"</a>. <i><a href="/wiki/Reuters" title="Reuters">Reuters</a></i><span class="reference-accessdate">. Retrieved <span class="nowrap">July 6,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Reuters&rft.atitle=Swiss+voters+reject+campaign+to+radically+alter+banking+system&rft.date=2018-06-11&rft.aulast=Revill&rft.aufirst=John&rft_id=https%3A%2F%2Fwww.reuters.com%2Farticle%2FidUSKBN1J60C0%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney+creation" class="Z3988"></span></span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWerner2023" class="citation news cs1">Werner, Richard (March 14, 2023). <a rel="nofollow" class="external text" href="https://theconversation.com/why-central-banks-are-too-powerful-and-have-created-our-inflation-crisis-by-the-banking-expert-who-pioneered-quantitative-easing-201158">"Why central banks are too powerful and have created our inflation crisis – by the banking expert who pioneered quantitative easing"</a>. <i><a href="/wiki/The_Conversation_(website)" title="The Conversation (website)">The Conversation</a></i><span class="reference-accessdate">. Retrieved <span class="nowrap">July 6,</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Conversation&rft.atitle=Why+central+banks+are+too+powerful+and+have+created+our+inflation+crisis+%E2%80%93+by+the+banking+expert+who+pioneered+quantitative+easing&rft.date=2023-03-14&rft.aulast=Werner&rft.aufirst=Richard&rft_id=https%3A%2F%2Ftheconversation.com%2Fwhy-central-banks-are-too-powerful-and-have-created-our-inflation-crisis-by-the-banking-expert-who-pioneered-quantitative-easing-201158&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney+creation" class="Z3988"></span></span> </li> <li id="cite_note-Abel-26"><span class="mw-cite-backlink">^ <a href="#cite_ref-Abel_26-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Abel_26-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Abel_26-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFÁbelLehmannTapaszti2016" class="citation journal cs1">Ábel, István; Lehmann, Kristóf; Tapaszti, Attila (June 2016). <a rel="nofollow" class="external text" href="https://en-hitelintezetiszemle.mnb.hu/letoltes/istvan-abel-kristof-lehmann-attila-tapaszti-en.pdf">"The controversial treatment of money and banks in macroeconomics"</a> <span class="cs1-format">(PDF)</span>. <i>Financial and Economic Review</i>. <b>15</b> (2): 33–58<span class="reference-accessdate">. Retrieved <span class="nowrap">17 October</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+and+Economic+Review&rft.atitle=The+controversial+treatment+of+money+and+banks+in+macroeconomics&rft.volume=15&rft.issue=2&rft.pages=33-58&rft.date=2016-06&rft.aulast=%C3%81bel&rft.aufirst=Istv%C3%A1n&rft.au=Lehmann%2C+Krist%C3%B3f&rft.au=Tapaszti%2C+Attila&rft_id=https%3A%2F%2Fen-hitelintezetiszemle.mnb.hu%2Fletoltes%2Fistvan-abel-kristof-lehmann-attila-tapaszti-en.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney+creation" class="Z3988"></span></span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFIhrigWeinbachWolla2021" class="citation web cs1">Ihrig, Jane; Weinbach, Gretchen C.; Wolla, Scott A. (September 2021). <a rel="nofollow" class="external text" href="https://research.stlouisfed.org/publications/page1-econ/2021/09/17/teaching-the-linkage-between-banks-and-the-fed-r-i-p-money-multiplier">"Teaching the Linkage Between Banks and the Fed: R.I.P. Money Multiplier"</a>. <i>research.stlouisfed.org</i><span class="reference-accessdate">. Retrieved <span class="nowrap">18 October</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=research.stlouisfed.org&rft.atitle=Teaching+the+Linkage+Between+Banks+and+the+Fed%3A+R.I.P.+Money+Multiplier&rft.date=2021-09&rft.aulast=Ihrig&rft.aufirst=Jane&rft.au=Weinbach%2C+Gretchen+C.&rft.au=Wolla%2C+Scott+A.&rft_id=https%3A%2F%2Fresearch.stlouisfed.org%2Fpublications%2Fpage1-econ%2F2021%2F09%2F17%2Fteaching-the-linkage-between-banks-and-the-fed-r-i-p-money-multiplier&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney+creation" class="Z3988"></span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRomer2019" class="citation book cs1">Romer, David (2019). <i>Advanced macroeconomics</i> (Fifth ed.). New York, NY: McGraw-Hill. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-260-18521-8" title="Special:BookSources/978-1-260-18521-8"><bdi>978-1-260-18521-8</bdi></a>. <q>The measures of the money stock that the central bank can control tightly, such as <a href="/wiki/High-powered_money" class="mw-redirect" title="High-powered money">high-powered money</a>, are not closely linked to <a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a>. And the measures of the money stock that are sometimes closely linked with aggregate demand, such as <i>M2</i>, are difficult for the central bank to control.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Advanced+macroeconomics&rft.place=New+York%2C+NY&rft.edition=Fifth&rft.pub=McGraw-Hill&rft.date=2019&rft.isbn=978-1-260-18521-8&rft.aulast=Romer&rft.aufirst=David&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney+creation" class="Z3988"></span></span> </li> <li id="cite_note-jahan2014-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-jahan2014_29-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJahanPapageorgiou2014" class="citation web cs1">Jahan, Sarwat; Papageorgiou, Chris (March 2014). <a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/ft/fandd/2014/03/pdf/basics.pdf">"What Is Monetarism?"</a> <span class="cs1-format">(PDF)</span>. <i>Finance & Development</i>. <a href="/wiki/IMF" class="mw-redirect" title="IMF">IMF</a><span class="reference-accessdate">. Retrieved <span class="nowrap">8 March</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Finance+%26+Development&rft.atitle=What+Is+Monetarism%3F&rft.date=2014-03&rft.aulast=Jahan&rft.aufirst=Sarwat&rft.au=Papageorgiou%2C+Chris&rft_id=http%3A%2F%2Fwww.imf.org%2Fexternal%2Fpubs%2Fft%2Ffandd%2F2014%2F03%2Fpdf%2Fbasics.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney+creation" class="Z3988"></span></span> </li> <li id="cite_note-Blanchard-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-Blanchard_30-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBlanchardAmighiniGiavazzi2017" class="citation book cs1">Blanchard, Olivier; Amighini, Alessia; Giavazzi, Francesco (2017). <i>Macroeconomics: a European perspective</i> (3rd ed.). Pearson. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-292-08567-8" title="Special:BookSources/978-1-292-08567-8"><bdi>978-1-292-08567-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Macroeconomics%3A+a+European+perspective&rft.edition=3rd&rft.pub=Pearson&rft.date=2017&rft.isbn=978-1-292-08567-8&rft.aulast=Blanchard&rft.aufirst=Olivier&rft.au=Amighini%2C+Alessia&rft.au=Giavazzi%2C+Francesco&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney+creation" class="Z3988"></span></span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHubbard_&_O'Brien" class="citation book cs1">Hubbard & O'Brien. "Chapter 25, Monetary Policy". <i>Economics</i>. p. 943.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Chapter+25%2C+Monetary+Policy&rft.btitle=Economics&rft.pages=943&rft.au=Hubbard+%26+O%27Brien&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney+creation" class="Z3988"></span></span> </li> <li id="cite_note-SP2013-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-SP2013_33-0">^</a></b></span> <span class="reference-text"><a href="/wiki/Standard_%26_Poor%27s" class="mw-redirect" title="Standard & Poor's">Standard & Poor's</a> (13 August 2013) "<a rel="nofollow" class="external text" href="https://www.kreditmagazin.net/wp-content/uploads/2021/02/S_and_P__Repeat_After_Me_8_14_13.pdf">Repeat after me: Banks cannot and do not lend out reserves</a>", Ratings Direct</span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBenesKumhof2012" class="citation journal cs1">Benes, Jaromir; Kumhof, Michael (2012). <a rel="nofollow" class="external text" href="https://www.imf.org/en/Publications/WP/Issues/2016/12/31/The-Chicago-Plan-Revisited-26178">"The Chicago Plan Revisited"</a>. <i>IMF Working Paper</i>. <b>202</b>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=IMF+Working+Paper&rft.atitle=The+Chicago+Plan+Revisited&rft.volume=202&rft.date=2012&rft.aulast=Benes&rft.aufirst=Jaromir&rft.au=Kumhof%2C+Michael&rft_id=https%3A%2F%2Fwww.imf.org%2Fen%2FPublications%2FWP%2FIssues%2F2016%2F12%2F31%2FThe-Chicago-Plan-Revisited-26178&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney+creation" class="Z3988"></span></span> </li> <li id="cite_note-kumhof2016-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-kumhof2016_35-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKumhofJakab2016" class="citation journal cs1">Kumhof, Michael; Jakab, Zoltán (2016). <a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/ft/fandd/2016/03/kumhof.htm">"The Truth about Banks"</a>. <i>Finance & Development</i>. <b>53</b> (1): 50–53.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Finance+%26+Development&rft.atitle=The+Truth+about+Banks&rft.volume=53&rft.issue=1&rft.pages=50-53&rft.date=2016&rft.aulast=Kumhof&rft.aufirst=Michael&rft.au=Jakab%2C+Zolt%C3%A1n&rft_id=http%3A%2F%2Fwww.imf.org%2Fexternal%2Fpubs%2Fft%2Ffandd%2F2016%2F03%2Fkumhof.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney+creation" class="Z3988"></span></span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSchumpeter1996" class="citation book cs1"><a href="/wiki/Joseph_A._Schumpeter" class="mw-redirect" title="Joseph A. 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Oxford University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0195105599" title="Special:BookSources/978-0195105599"><bdi>978-0195105599</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=History+of+Economic+Analysis&rft.pub=Oxford+University+Press&rft.date=1996&rft.isbn=978-0195105599&rft.aulast=Schumpeter&rft.aufirst=Joseph+A.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney+creation" class="Z3988"></span></span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSamuelson1997" class="citation book cs1"><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson, Paul</a> (1997) [1948]. <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/economicsintrodu0000samu"><i>Economics</i></a></span>. McGraw-Hill Education. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0070747418" title="Special:BookSources/978-0070747418"><bdi>978-0070747418</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Economics&rft.pub=McGraw-Hill+Education&rft.date=1997&rft.isbn=978-0070747418&rft.aulast=Samuelson&rft.aufirst=Paul&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Feconomicsintrodu0000samu&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney+creation" class="Z3988"></span></span> </li> <li id="cite_note-kelton-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-kelton_38-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKelton,_née_Bell1998" class="citation web cs1">Kelton, <i>née</i> Bell, Stephanie (1998). <a rel="nofollow" class="external text" href="https://ideas.repec.org/p/wpa/wuwpma/9805014.html">"The Hierarchy of Money"</a>. <a href="/wiki/The_Jerome_Levy_Economics_Institute" class="mw-redirect" title="The Jerome Levy Economics Institute">The Jerome Levy Economics Institute</a>. <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=96845">96845</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Hierarchy+of+Money&rft.pub=The+Jerome+Levy+Economics+Institute&rft.date=1998&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D96845%23id-name%3DSSRN&rft.aulast=Kelton%2C+%27%27n%C3%A9e%27%27+Bell&rft.aufirst=Stephanie&rft_id=https%3A%2F%2Fideas.repec.org%2Fp%2Fwpa%2Fwuwpma%2F9805014.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney+creation" class="Z3988"></span></span> </li> <li id="cite_note-mitch2009-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-mitch2009_39-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMitchell2009" class="citation web cs1"><a href="/wiki/Bill_Mitchell_(economist)" title="Bill Mitchell (economist)">Mitchell, William</a> (21 April 2009). <a rel="nofollow" class="external text" href="http://bilbo.economicoutlook.net/blog/?p=1623">"Money multiplier and other myths"</a><span class="reference-accessdate">. Retrieved <span class="nowrap">8 March</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Money+multiplier+and+other+myths&rft.date=2009-04-21&rft.aulast=Mitchell&rft.aufirst=William&rft_id=http%3A%2F%2Fbilbo.economicoutlook.net%2Fblog%2F%3Fp%3D1623&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney+creation" class="Z3988"></span></span> </li> <li id="cite_note-tucker2007-40"><span class="mw-cite-backlink"><b><a href="#cite_ref-tucker2007_40-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTucker2007" class="citation web cs1">Tucker, Paul (2007). <a rel="nofollow" class="external text" href="https://www.bankofengland.co.uk/-/media/boe/files/speech/2007/money-and-credit-banking-and-the-macroeconomy.pdf">"Money and credit: Banking and the Macroeconomy"</a> <span class="cs1-format">(PDF)</span>. Bank of England.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Money+and+credit%3A+Banking+and+the+Macroeconomy&rft.pub=Bank+of+England&rft.date=2007&rft.aulast=Tucker&rft.aufirst=Paul&rft_id=https%3A%2F%2Fwww.bankofengland.co.uk%2F-%2Fmedia%2Fboe%2Ffiles%2Fspeech%2F2007%2Fmoney-and-credit-banking-and-the-macroeconomy.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney+creation" class="Z3988"></span></span> </li> <li id="cite_note-Disyatat-41"><span class="mw-cite-backlink"><b><a href="#cite_ref-Disyatat_41-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDisyatat2010" class="citation web cs1">Disyatat, Piti (February 2010). <a rel="nofollow" class="external text" href="http://www.bis.org/publ/work297.pdf">"The bank lending channel revisited"</a> <span class="cs1-format">(PDF)</span>. <i>BIS Working Papers</i>. <a href="/wiki/Bank_of_International_Settlements" class="mw-redirect" title="Bank of International Settlements">Bank of International Settlements</a><span class="reference-accessdate">. Retrieved <span class="nowrap">8 March</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=BIS+Working+Papers&rft.atitle=The+bank+lending+channel+revisited&rft.date=2010-02&rft.aulast=Disyatat&rft.aufirst=Piti&rft_id=http%3A%2F%2Fwww.bis.org%2Fpubl%2Fwork297.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney+creation" class="Z3988"></span></span> </li> <li id="cite_note-43"><span class="mw-cite-backlink"><b><a href="#cite_ref-43">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWray2000" class="citation web cs1"><a href="/wiki/L._Randall_Wray" title="L. Randall Wray">Wray, L. Randall</a> (1 September 2000). <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1010331">"Money and Inflation"</a>. <a href="/wiki/University_of_Missouri-Kansas_City" class="mw-redirect" title="University of Missouri-Kansas City">University of Missouri-Kansas City</a>. <a href="/wiki/SSRN_(identifier)" class="mw-redirect" title="SSRN (identifier)">SSRN</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1010331">1010331</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Money+and+Inflation&rft.pub=University+of+Missouri-Kansas+City&rft.date=2000-09-01&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D1010331%23id-name%3DSSRN&rft.aulast=Wray&rft.aufirst=L.+Randall&rft_id=https%3A%2F%2Fpapers.ssrn.com%2Fsol3%2Fpapers.cfm%3Fabstract_id%3D1010331&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney+creation" class="Z3988"></span></span> </li> <li id="cite_note-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-44">^</a></b></span> <span class="reference-text">BoE (2019): <a rel="nofollow" class="external text" href="https://www.bankofengland.co.uk/explainers/how-is-money-created">How is money created</a></span> </li> <li id="cite_note-45"><span class="mw-cite-backlink"><b><a href="#cite_ref-45">^</a></b></span> <span class="reference-text">Frank Decker, Charles A.E. Goodhart: <i>Wilhelm Lautenbach’s credit-mechanics – a precursor to the current money supply debate</i>, Taylor & Francis, 2021, DOI=10.1080/09672567.2021.1963796.</span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Money_creation&action=edit&section=11" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAsmundsonOner2012" class="citation web cs1">Asmundson, Irena; Oner, Ceyda (September 2012). <a rel="nofollow" class="external text" href="https://www.imf.org/external/pubs/ft/fandd/2012/09/pdf/basics.pdf">"What Is Money?"</a> <span class="cs1-format">(PDF)</span>. <i>Finance & Development</i>. <a href="/wiki/IMF" class="mw-redirect" title="IMF">IMF</a><span class="reference-accessdate">. Retrieved <span class="nowrap">8 March</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Finance+%26+Development&rft.atitle=What+Is+Money%3F&rft.date=2012-09&rft.aulast=Asmundson&rft.aufirst=Irena&rft.au=Oner%2C+Ceyda&rft_id=https%3A%2F%2Fwww.imf.org%2Fexternal%2Fpubs%2Fft%2Ffandd%2F2012%2F09%2Fpdf%2Fbasics.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney+creation" class="Z3988"></span></li> <li><a rel="nofollow" class="external text" href="https://www.federalreserve.gov/releases/h6/hist/h6hist1.htm">Federal Reserve historical statistics</a> (11 June 2009) <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090605101615/http://www.federalreserve.gov/releases/h6/hist/h6hist1.htm">Archived</a> June 5, 2009, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHegeland1970" class="citation book cs1">Hegeland, Hugo (1970) [1954]. <i>Multiplier Theory</i> (7 ed.). Harvard University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0678001622" title="Special:BookSources/978-0678001622"><bdi>978-0678001622</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Multiplier+Theory&rft.edition=7&rft.pub=Harvard+University+Press&rft.date=1970&rft.isbn=978-0678001622&rft.aulast=Hegeland&rft.aufirst=Hugo&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney+creation" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMankiw2012" class="citation book cs1"><a href="/wiki/N._Gregory_Mankiw" class="mw-redirect" title="N. Gregory Mankiw">Mankiw, N. Gregory</a> (2012). <i>Macroeconomics</i> (8th ed.). Worth. pp. 81–107. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1429240024" title="Special:BookSources/978-1429240024"><bdi>978-1429240024</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Macroeconomics&rft.pages=81-107&rft.edition=8th&rft.pub=Worth&rft.date=2012&rft.isbn=978-1429240024&rft.aulast=Mankiw&rft.aufirst=N.+Gregory&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMoney+creation" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Money_creation&action=edit&section=12" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>"<a rel="nofollow" class="external text" href="http://www.bis.org/publ/cpss55.pdf">The Role of Central Bank Money in Payment Systems</a>", <a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a>, August 2003</li> <li><a href="/wiki/Bill_Mitchell_(economist)" title="Bill Mitchell (economist)">Mitchell, William</a> (2009) "<a rel="nofollow" class="external text" href="http://bilbo.economicoutlook.net/blog/?p=332">Deficit spending 101: Part 1</a>"; "<a rel="nofollow" class="external text" href="http://bilbo.economicoutlook.net/blog/?p=352">Part 2</a>"; "<a rel="nofollow" class="external text" href="http://bilbo.economicoutlook.net/blog/?p=381">Part 3</a>"</li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid 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title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographical</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Natural resource</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a 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href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a><br />(<a href="/wiki/History_of_economic_thought" title="History of economic thought">history</a>)<br /></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/American_School_(economics)" title="American School (economics)">American (National)</a></li> <li><a href="/wiki/Ancient_economic_thought" title="Ancient economic thought">Ancient thought</a></li> <li><a href="/wiki/Anarchist_economics" class="mw-redirect" title="Anarchist economics">Anarchist</a> <ul><li><a href="/wiki/Mutualism_(economic_theory)" title="Mutualism (economic theory)">Mutualism</a></li></ul></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Buddhist_economics" title="Buddhist economics">Buddhist</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Economic_democracy" title="Economic democracy">Democratic</a></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgism</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Historical_school_of_economics" title="Historical school of economics">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a> (<a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">neoclassical–Keynesian synthesis</a>)</li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li></ul></li> <li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusianism</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a> <ul><li><a href="/wiki/Neo-Marxian_economics" class="mw-redirect" title="Neo-Marxian economics">Neo-</a></li></ul></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Mixed_economy" title="Mixed economy">Mixed</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a> <ul><li><a href="/wiki/Lausanne_School" title="Lausanne School">Lausanne</a></li></ul></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a></li> <li><a href="/wiki/Stockholm_School_(economics)" title="Stockholm School (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermo</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Economist" title="Economist">Economists</a><br /></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a 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