Horizontalists and Verticalists after 25 years

James Culham and John E. King
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James Culham: Melbourne, Australia
John E. King: La Trobe University

Review of Keynesian Economics, 2013, vol. 1, issue 4, 391—405

Abstract: We outline the core claims of Basil Moore's book Horizontalists and Verticalists: The Macroeconomics of Credit Money and place them in their historical, contemporary and present contexts. Several theoretical problems raised by the book and recent developments in the operation of financial markets and monetary policy are discussed. We find that Moore is a key figure in the theory of endogenous money, but his version of the theory was viewed as radical and was by no means widely accepted. Recent developments have validated many of his ideas, which are now commonplace, but others remain unresolved and controversial.

Keywords: endogenous money; exogenous interest rates; money supply; credit; money non-neutrality (search for similar items in EconPapers)
JEL-codes: E43 E51 (search for similar items in EconPapers)
Date: 2013
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