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The endogenous nature of money is a fact that has been recognized rather late in monetary economics. Today, it is explained most comprehensively by the theory of money in post-Keynesian economic analysis. This book revisits the nature of money and its endogeneity, featuring a number of the protagonists who took part in the original debates in the 1980s and 1990s as well as new voices and analyses. Expert contributors revisit long-standing discussions from the position of both horizontalists and structuralists, and prescribe new areas of research and debate for post-Keynesian scholars to explore.Louis-Philippe Rochon and Sergio Rossi eloquently situate the nature of money and its endogeneity in historical context, before bringing together an engaging array of chapters written by contemporary leading scholars. These chapters put forth detailed analyses of money creation; central bank operations and the role of monetary authorities; a link between interest rates and income distribution; a stock-flow analysis of monetary economies of production; and finally, a reconciliation of horizontalism and structuralism. Post-Keynesian and heterodox economists, institutionalist economists, scholars of money and finance, and graduate students studying economics will all find this an enlightening read.

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Contents: Introduction: The need to discuss endogenous money again / Louis-Philippe Rochon and Sergio Rossi
Part I Endogenous money in the real world
1. Money endogeneity before central banking: perspectives from monetary history / Jane Knodell
2. Modern central bank operations: the general principles / Scott T. Fullwiler
3. The theory of endogenous money and the LM schedule: prelude to a reconstruction of IS-LM / Thomas I. Palley
4. Money and interest rate determination in a system with no reserve requirements / Sergio Rossi
5. New insights on the money-supply-endogeneity debate and the new ''equity'' multiplier: some evidence from the euro area / Yannis Panagopoulos and Aristotelis Spiliotis
6. Liquidity, finance, and economic growth: some unresolved issues for developing economies / Noemi Levy-Orlik
Part II Endogenous money in the economic thought
7. Money endogeneity and the quantity theory: the case of commodity-money / Allin Cottrell
8. Nicholas Kaldor and the war on monetarism / John E. King
9. The principle of effective demand and the state of post-Keynesian monetary economics / Colin Rogers
10. Endogenous money and the tyranny of demand and supply / Malcolm Sawyer
11. An evolutionary-institutionalist re-appraisal of the endogenous-money-supply theory / Christopher J. Niggle
12. Interest rate determination and endogenous money / John Smithin
Part III Endogenous money in post-Keynesian analysis
13. The analytical role of endogenous money and the horizontalist-structuralist debate / Peter Docherty
14. The horizontalist debate: lessons from New Zealand / Paul Dalziel
15. The rate of interest as a macroeconomic distribution parameter: horizontalism and post-Keynesian models of distribution and growth / Eckhard Hein
16. Assessing some structuralist claims through a coherent stock-flow framework / Marc Lavoie
17. Horizontalism and structuralism: a suggested re-interpretation / Louis-Philippe Rochon and Sergio Rossi
18. An essay on horizontalism, structuralism and historical time / Mark Setterfield
19. A revisitation of the debate between the horizontalist and structuralist analyses of endogenous money: single-period analysis versus continuation analysis / Giuseppe Fontana
Index.