This document appears to be notes from a lecture on endogenous credit money given by Stephen Kinsella. The lecture discusses setting up a model of a pure credit economy, with payments made through debit balances and bank notes. It also covers next steps like adding an open economy and government intervention. Students are assigned to read chapters from texts by Godley and Lavoie for the following week.

1. EC6012 Lecture 3
Stephen Kinsella
Model
Homework & Blogs
EC6012 Lecture 3 References
Endogenous Credit Money
Stephen Kinsella
Dept. Economics,
University of Limerick.
stephen.kinsella@ul.ie
January 18, 2008

2. Today EC6012 Lecture 3
Stephen Kinsella
Model
Homework & Blogs
References
Model
Homework & Blogs

3. Exogenous vs. Endogenous Money Stories EC6012 Lecture 3
Stephen Kinsella
Simple −→ Complex Model
Homework & Blogs
References

4. Primer EC6012 Lecture 3
Stephen Kinsella
Setup Model
Homework & Blogs
A pure credit economy References
Payments through debit balances
Credit
Bank Notes
Banks with Dividends
Banks with own funds & real assets
2 Banks, Pure Credit Economy.

5. Next Steps EC6012 Lecture 3
Stephen Kinsella
What’s Next? Model
Homework & Blogs
Open Economy References
Government Intervention through transfers

6. Data EC6012 Lecture 3
Stephen Kinsella
Model
Homework & Blogs
References

7. For Next Week EC6012 Lecture 3
Stephen Kinsella
Read Godley and Lavoie (2006), Chapter 2, Godley
Model
(1999) if you have time. Homework & Blogs
Homework, see stephenkinsella.net. Due next week. References

8. References EC6012 Lecture 3
Stephen Kinsella
Wynne Godley. Money and credit in a keynesian model of Model
income determination. Cambridge Journal of Economics, Homework & Blogs
23(2):393–411, April 1999. References
Wynne Godley and Marc Lavoie. Monetary Economics An
Integrated Approach to Credit, Money, Income,
Production and Wealth. Palgrave-Macmillan, 2006. URL
http://www.palgrave.com/products/Catalogue.
aspx?is=0230500552.