@article{Costa_1993, title={Currency (im)properties}, volume={13}, url={https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/1324}, DOI={10.1590/0101-31571993-0650}, abstractNote={<p>Keynes assumed inelasticity of supply (or inelasticity of production) with respect<br />to demand as a necessary attribute of money. But the post-Keynesian theory of money<br />suggests that the money supply function should be viewed as horizontal, at a level of interest<br />rates established by the central bank in setting the supply price of reserves. Interest rates<br />rather than the money supply are the central bank’s true exogenous control variable. The<br />money supply is endogenous, credit-driven and demand-determined. This paper examines<br />why the later theory surpass Keynes’s theory of money.</p> <p><strong>JEL Classification:</strong> E52; E12.</p>}, number={2}, journal={Brazilian Journal of Political Economy}, author={Costa, Fernando Nogueira da}, year={1993}, month={Apr.}, pages={232-247} }