Abstract

The money creation and monetary policy chapters in the leading introductory textbooks commonly present an outdated and misleading approach that is now largely irrelevant. A preferable model would help students understand that money and monetary policy are about bank and household motives, the importance of capital, and the role of credit. An updated approach would move beyond the current orthodoxy, which assumes both that the mechanical base-multiplier explains monetary policy and the quantity theory explains inflation. Monetary policy has evolved dramatically in the last 40 years. Therefore, textbook authors and teachers of introductory macroeconomics might consider some of these suggestions to help explain recent events.

摘要

领先的入门教科书中有关货币创造和货币政策的章节通常提出一种过时且具有误导性的方法，而现在这种方法已基本不相关。一个更可取的模型可以帮助学生理解货币和货币政策与银行和家庭动机，资本的重要性以及信贷的作用有关。一种更新的方法将超越当前的正统观念，后者假定机械基础乘数解释了货币政策，而数量论则解释了通货膨胀。在过去的40年中，货币政策发生了巨大变化。因此，教科书作者和宏观经济学入门教师可能会考虑其中一些建议，以帮助解释最近发生的事件。