caa a22 4500 397573138 CHVBK 20180308164847.0 cr unu---uuuuu 161202e199609 xx s 000 0 eng 10.1093/oxfordjournals.cje.a013633 doi (NATIONALLICENCE)oxford-10.1093/oxfordjournals.cje.a013633 Theoretical reflections on endogenous money: the problem with ‘convenience lending' [Elektronische Daten] [Philip Arestis, Peter Howells] This paper questions the practice of representing the endogenous money supply by means of a ‘horizontal' money supply curve, implicity contrasted with the conventonal ‘vertical' (stock) supply curve. What is drawn as horizontal curve is strictly a locus between a continually shifting stock curve and a shifting demand curve. Consequently, demand (for money) considerations have been suppressed in the ‘horizontal' presentation. One response is that the resulting deposits are automatically held, through some process such as ‘convenience lending'. However, the arugument behind ‘convenience lending' points to the conclusion that it is changes in relative interest rates that reconcile the demand for additional loans with the demand for additional deposits. © 1996 Academic Press Limited Articles nationallicence Arestis Philip aut Howells Peter aut Cambridge Journal of Economics Oxford University Press 20/5(1996-09), 539-551 0309-166X 20:5<539 1996 20 cameco https://doi.org/10.1093/oxfordjournals.cje.a013633 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1093/oxfordjournals.cje.a013633 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Arestis Philip aut NATIONALLICENCE 700 1- Howells Peter aut NATIONALLICENCE 773 0- Cambridge Journal of Economics Oxford University Press 20/5(1996-09), 539-551 0309-166X 20:5<539 1996 20 cameco Metadata rights reserved CC BY-NC-4.0 http://creativecommons.org/licenses/by-nc/4.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-oxford