New York University Macro Economics Question – Description
This prompt requires you to understand how and why Robert Hockett challenges the loanable funds model of credit creation. Briefly explain the following models in his article:
a)The neoclassical models in Figures 1 and 2: customer savings control the credit supply.
b)The endogenous credit models in Figures 3, 4, and 5. Explain how public authority is central to accommodation and monetization. Explain briefly what these terms mean
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