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The Excess Demand Theory of Money

Kehrwald, Bernie (2014): The Excess Demand Theory of Money.

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Abstract

This paper introduces a new monetary theory that is compatible with the Keynesian liquidity preference theory, the neoclassical loanable funds theory and the Post Keynesian endogenous money theory. It is very suitable for introductory textbooks since it gives a correct understanding of modern monetary systems. It can further be used to explain a series of phenomena.

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