Theoretical reflections on endogenous money: the problem with 'convenience lending'
质疑用水平货币供给曲线表示内生货币的做法，指出它实际是不断移动的存量曲线与需求曲线的交点轨迹，并分析'便利贷款'机制如何通过相对利率变化协调贷款与存款需求。
This paper questions the practice of representing the endogenous money supply by means of a 'horizontal' money supply curve, implicitly contrasted with the conventional 'vertical' (stock) supply curve. What is drawn as a 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 argument 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. (c) 1996 Academic Press Limited Copyright 1996 by Oxford University Press.