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Second, it renders the price level and the rate of inflation indeterminate in the neoclassical model and undermines the mechanism outlined by Wicksell (1898 [1965]) for pushing the system to full employment.
The second aspect of endogenous money's negative function is that it renders the price level and the rate of inflation indeterminate in the neoclassical model.
It is true that Wicksell explores the case of endogenous money in Interest and Prices, but, as argued in the second section, he finds exactly the result that prices are indeterminate in this case and he reimposes a fixed exogenous-money supply to render them determinate.
If interest rates were maintained at a fixed level for a sustained period, prices would rise or fall without limit from a neoclassical perspective and the price level would be indeterminate.
The argument in this chapter is that this impression is false - that there can be, and to an extent already is, agreement that the horizontal credit-supply curve is not a special case, and that the existence of an indeterminate dynamic credit-supply schedule provides a general framework capable of accommodating both horizontalist and structuralist arguments.
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