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A comment on Money Creation in the Modern Economy. Parent comment
And it should have been removed decades ago. Tobin called it "the Old View" in 1963:
* https://elischolar.library.yale.edu/cgi/viewcontent.cgi?arti...
See also "Teaching the Linkage Between Banks and the Fed: R.I.P. Money Multiplier":
* https://research.stlouisfed.org/publications/page1-econ/2021...
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And it should have been removed decades ago. Tobin called it "the Old View" in 1963:
* https://elischolar.library.yale.edu/cgi/viewcontent.cgi?arti...
See also "Teaching the Linkage Between Banks and the Fed: R.I.P. Money Multiplier":
* https://research.stlouisfed.org/publications/page1-econ/2021...