Macroeconomics, endogenous money and the contemporary financial crisis: a teaching model
by Giuseppe Fontana, Mark Setterfield
International Journal of Pluralism and Economics Education (IJPEE), Vol. 1, No. 1/2, 2009

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.

Online publication date: Fri, 16-Oct-2009

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