Money Creation in the Modern Economy (Bank of England)

This is an excellent paper: http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q1prereleasemoneycreation.pdf The paper is written in easy to understand language and helpful balance sheet graphics. It does a particularly good job in simplifying several technical issues. As Cullen Roche notes, the money multiplier is dispatched to the ash can of history, where it belongs. It is reassuring to see this sortRead More