Banks Create Money

Reference

Sources

Every source used in the library, stored once and cited inline. 36 entries.

Central bank research

  1. McLeay, Michael; Radia, Amar; Thomas, Ryland. Money creation in the modern economy. Bank of England Quarterly Bulletin. 2014. View source Accessed Nov 11, 2026.
  2. Bank of England. Money in the modern economy: an introduction. Bank of England Quarterly Bulletin. 2014. View source Accessed Nov 11, 2026.
  3. Jakab, Zoltán; Kumhof, Michael. Banks are not intermediaries of loanable funds — and why this matters. Bank of England Working Paper 529. 2015. View source Accessed Nov 11, 2026.
  4. Keister, Todd; McAndrews, James. Why Are Banks Holding So Many Excess Reserves?. Federal Reserve Bank of New York, Current Issues in Economics and Finance. 2009. View source Accessed Nov 11, 2026.
  5. Bank for International Settlements. Annual Economic Report 2024. BIS. 2024. View source Accessed Nov 11, 2026.
  6. Borio, Claudio. The financial cycle and macroeconomics: What have we learnt?. BIS Working Paper 395. 2012. View source Accessed Nov 11, 2026.
  7. Bank of Japan. Outlook for Economic Activity and Prices. Bank of Japan. 2026. View source Accessed Nov 11, 2026.
  8. Disyatat, Piti. The bank lending channel revisited. BIS Working Paper 297. 2010. View source Accessed Nov 11, 2026.

Academic research

  1. Werner, Richard A.. Can banks individually create money out of nothing? The theories and the empirical evidence. International Review of Financial Analysis. 2014. View source Accessed Nov 11, 2026.
  2. Tobin, James. Commercial Banks as Creators of 'Money'. Cowles Foundation Discussion Paper 159. 1963. View source Accessed Nov 11, 2026.
  3. Diamond, Douglas W.; Dybvig, Philip H.. Bank Runs, Deposit Insurance, and Liquidity. Journal of Political Economy. 1983. View source Accessed Nov 11, 2026.
  4. Minsky, Hyman P.. The Financial Instability Hypothesis. Levy Economics Institute Working Paper 74. 1992. View source Accessed Nov 11, 2026.
  5. Fisher, Irving. The Debt-Deflation Theory of Great Depressions. Econometrica. 1933. View source Accessed Nov 11, 2026.
  6. Bernanke, Ben S.. Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression. American Economic Review. 1983. View source Accessed Nov 11, 2026.
  7. Bernanke, Ben S.; Gertler, Mark. Inside the Black Box: The Credit Channel of Monetary Policy Transmission. Journal of Economic Perspectives. 1995. View source Accessed Nov 11, 2026.
  8. Taylor, John B.. Discretion versus Policy Rules in Practice. Carnegie-Rochester Conference Series on Public Policy. 1993. View source Accessed Nov 11, 2026.
  9. Kydland, Finn E.; Prescott, Edward C.. Rules Rather than Discretion: The Inconsistency of Optimal Plans. Journal of Political Economy. 1977. View source Accessed Nov 11, 2026.
  10. Schularick, Moritz; Taylor, Alan M.. Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises, 1870–2008. American Economic Review. 2012. View source Accessed Nov 11, 2026.
  11. Eggertsson, Gauti B.; Krugman, Paul. Debt, Deleveraging, and the Liquidity Trap. Quarterly Journal of Economics. 2012. View source Accessed Nov 11, 2026.
  12. Jordà, Òscar; Schularick, Moritz; Taylor, Alan M.. Sovereigns versus Banks: Credit, Crises, and Consequences. Journal of the European Economic Association. 2016. View source Accessed Nov 11, 2026.

Official document

  1. Bernanke, Ben S.. Deflation: Making Sure 'It' Doesn't Happen Here. Board of Governors of the Federal Reserve System. 2002. View source Accessed Nov 11, 2026.
  2. International Monetary Fund. Deflation: Determinants, Risks, and Policy Options. IMF. 2003. View source Accessed Nov 11, 2026.
  3. International Monetary Fund. Monetary and Financial Statistics Manual. IMF. 2000. View source Accessed Nov 11, 2026.
  4. Board of Governors of the Federal Reserve System. Financial Stability Report. Federal Reserve. 2026. View source Accessed Nov 11, 2026.
  5. Board of Governors of the Federal Reserve System. How Does Monetary Policy Work?. Federal Reserve. 2026. View source Accessed Nov 11, 2026.
  6. United States Congress. Federal Reserve Act. Federal Reserve. 1913. View source Accessed Nov 11, 2026.

Book

  1. Koo, Richard C.. The Holy Grail of Macroeconomics: Lessons from Japan's Great Recession. Wiley. 2008. View source Accessed Nov 11, 2026.
  2. Mian, Atif; Sufi, Amir. House of Debt. University of Chicago Press. 2014. View source Accessed Nov 11, 2026.
  3. Admati, Anat; Hellwig, Martin. The Bankers' New Clothes: What's Wrong with Banking and What to Do about It. Princeton University Press. 2013. View source Accessed Nov 11, 2026.
  4. Reinhart, Carmen M.; Rogoff, Kenneth S.. This Time Is Different: Eight Centuries of Financial Folly. Princeton University Press. 2009. View source Accessed Nov 11, 2026.
  5. Friedman, Milton; Schwartz, Anna J.. A Monetary History of the United States, 1867–1960. Princeton University Press. 1963. View source Accessed Nov 11, 2026.

Data

  1. Board of Governors of the Federal Reserve System. Money Stock Measures (H.6). Federal Reserve. 2026. View source Accessed Nov 11, 2026.
  2. Board of Governors of the Federal Reserve System. Factors Affecting Reserve Balances (H.4.1). Federal Reserve. 2026. View source Accessed Nov 11, 2026.
  3. Federal Reserve Bank of St. Louis. FRED Economic Data. FRED. 2026. View source Accessed Nov 11, 2026.
  4. Bank for International Settlements. Credit-to-GDP gaps. BIS. 2026. View source Accessed Nov 11, 2026.
  5. U.S. Bureau of Labor Statistics. Consumer Price Index. BLS. 2026. View source Accessed Nov 11, 2026.