By its nature, bank money is endogenous, but its issuing is risky and presupposes the presence of banks' shareholders' funds. Shareholders' funds give banks the means of dealing with the difficulties involved in the process of money creation and which are inherent to the banking activity:...

Introduction to the special issue of the EJHET in relation with the 2011 Fisher Conference organized in Lyon 2 University, France, by the laboratories LEDa, PHARE and TRIANGLE

There is a duality of money : it is endogenous and exogenous. Therefore it is important to distinguish between monetary creation and money supply. Buying and selling means the exchange of goods and debts, which is very different from barter. In doing so the economic agents are asked to take two...

The aim of this paper is to analyze the state of the quantity theory in the United States prior to the publication of Irving Fisher’s Purchasing Power of Money in 1911. We start by presenting the participants in the monetary debate. Next, we analyze the controversies regarding prices,...

We show that the equilibrium in a Keynesian model with as many equations as markets is undetermined. This is because the equation for the labor market does not contribute to the determination of the equilibrium : the Walras’s law holds only for markets for goods, assets and cash balance. For...