A contribution to the Quantity Theory of Disaggregated Credit
MPRA Paper from University Library of Munich, Germany
In my view, Richard Werner is sitting on a pot of gold. In Werner (2014), he has shown the tremendous potential his ‘Quantity Theory of Credit’ has to reorient public policy and stimulate nominal GDP. Yet, his ideas do not seem to take root. In this paper my aim is to refine his theory and provide some improvements by constructing new empirical proxies of ‘bank credit for GDP transactions’—a quite arduous and open-ended task. I conclude that the theory is very promising, but it is still in a stage of maturation.
Keywords: bank credit; Quantity Theory of Credit; credit-growth nexus; banking and the economy; disaggregation of credit; credit creation; flow of funds; national accounts (search for similar items in EconPapers)
JEL-codes: E50 G21 (search for similar items in EconPapers)
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