Steve Keen gives a talk at Kingston on endogenous money, macroeconomics and aggregate demand:
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Here is someone who 'believes' that credit 'plays an essential role in aggregate expenditure', but does not agree that the money supply is endogenously determined.
ReplyDelete“1. The Quantity Theory of Credit after 20 years
I presented the Quantity Theory of Credit in April 1993, at the RES Annual Conference at York.
2 The central argument is a dichotomous equation of exchange distinguishing between money used for GDP-transactions (determining nominal GDP) and money used for non-GDP transactions (determining the value of asset transactions). Money is not defined as bank deposits or other aggregates of private sector savings. Banks are recognised as not being financial intermediaries that lend existing money, but creators of new money through the process of lending.”
http://www.res.org.uk/view/art5jul13features.html
Prof. R.A. Werner shows that the proper handling of credit creation is the key to producing steady economic growth and recovery.
Werner, Richard (2005), New Paradigm in Macroeconomics, Basingstoke: Palgrave
Macmillan”