Money creation in the modern economy¶
McLeay, Radia, & Thomas. (2014). Money creation in the modern economy. Bank of England Quarterly Bulletin.
Cited by¶
1 citation across 1 artifact.
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Domain-specific¶
- Money Multiplier
- The textbook causal presentation — central bank supplies reserves, banks lend out all but the required fraction, broad money expands to the multiplier limit — is now understood as a pedagogical identity rather than an accurate causal sequence
This sourceThe Bank of England's own statement that the money multiplier is a 'common misconception' — a useful textbook introduction to money and banking but 'not an accurate description of how money is created in reality'.
SupportedVerified against the source
- The textbook causal presentation — central bank supplies reserves, banks lend out all but the required fraction, broad money expands to the multiplier limit — is now understood as a pedagogical identity rather than an accurate causal sequence
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Registry ID ref:3971b5a43067 · see in the full table