Macroeconomics, endogenous money and the contemporary financial crisis: a teaching model

Giuseppe Fontana and Mark Setterfield

International Journal of Pluralism and Economics Education, 2009, vol. 1, issue 1/2, 130-147

Abstract: This paper develops an undergraduate macroeconomics teaching model that features endogenous money and an explicit account of commercial bank behaviour. It therefore transcends common shortcomings of existing teaching models based on either IS-LM or its successor, the New Consensus. The model is used to explain the recent financial crisis and its macroeconomic impact, and to analyse the effects and potential shortcomings of monetary and fiscal policy responses to the crisis.

Keywords: financial crisis; endogenous money; macroeconomics education; economics education; commercial banks; bank behaviour; teaching models; monetary policy; fiscal policy. (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (9)

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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijplur:v:1:y:2009:i:1/2:p:130-147

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