Nick Edmonds — The "Moneyness" of Shadow Bank Liabilities

I was recently involved in an interesting discussion regarding the sense in which shadow bank liabilities might be considered money. Along with many people, I feel that there is a qualitative difference between claims on banks and claims on non-banks, but I find it hard to put my finger on exactly what that difference is.….

Reflections on Monetary Economics

The "Moneyness" of Shadow Bank Liabilities
Nick Edmonds, former student of Wynne Godley at Cambridge

See Nick's UK Marco Model here.