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This retail price of credit is established by marking up the wholesale price of credit - that is, the rate of interest at which commercial banks can, themselves, borrow, which can be thought of as the central bank's discount rate.1 Given the commercial interest rate and the number of creditworthy borrowers, the demand for credit thus determines the quantity of credit granted by commercial banks, which in turn deter- mines the aggregate money supply (the quantity of broad money in circu- lation).
According to horizontalists, the commercial interest rate can be regarded as exogenous to the credit market.
More concretely, the horizontal instantaneous credit-supply schedule simply depicts the indeterminacy of the actual quantity of credit supplied in the current period (and hence the size of the money supply) at the prevailing commercial interest rate (r), the latter established as:
The key to understanding the generality of the horizontal credit-supply curve established above is that the latter does not show that, over time, credit demand can (indeed, must always) increase or decrease without limit without this having any effect whatsoever on the commercial interest rate.7 In order to discuss credit-supply conditions over time, we need to move beyond equation (18.2) to consider the dynamic credit-supply schedule,
Equation (18.3) once again relates the value of the commercial interest rate to the value of the discount rate and commercial banks' mark-up.
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