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Keen Behavioural Finance 2011 Lecture 09 Extending Endogenous Money Model Part 2

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Uploaded on Oct 19, 2011

I use the model developed in the first half to show that money is not neutral in a credit-based economy--a higher rate of money creation results in a fall in unemployment--and also model a credit crunch. I also model two government policies to counter a crunch: giving money to the banks (which Obama did) and giving it to the debtors (which the Australian government did). Conventional money multiplier theory argues that the former is more effective; I show that the latter is about three times better than the former.

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