The theory of multiple expansion of deposits: what it is and whence it came
追溯了存款倍数扩张理论的演变历程，解释了银行系统能基于准备金倍数创造存款而单个银行不能的悖论，适合经济学初学者和银行理论研究者。
Beginning students of banking must grapple with a curious paradox: the banking system can multiply deposits on a given base of reserves yet none of its member banks can do so. Let the reserve-to-deposit ratio be, say, 20 percent and the system can, by making loans, create $5 of deposit money per dollar of reserves received. By contrast, the individual bank receiving that same dollar on deposit can lend out no more than 80 cents of it. How does one reconcile the banking system's ability to multiply loans and deposits with the individual bank's inability to do so? Fully answering this question required the intellectual efforts of at least six economists writing in the period 1826-1921. The story of their contributions is the story of the evolution of the theory of the multiple expansion of deposits. At the heart of banking theory is the notion of the multiple expansion of bank deposits. This idea con-sists of two interrelated parts. The first explains how the banking system as a whole creates deposits by making loans equal to a multiple of its cash reserves, the multiplier being the inverse of the reserve-to-