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In endogenous-money theory, central banks set the short-run nominal interest rate (such as the federal funds rate in the United States and the official bank rate in the United Kingdom) and supply monetary reserves on demand.
For instance, changes in the short-run nominal interest rate prompt banks to modify base rates of interest (like personal loan rates and mortgage rates) at which they lend to their customers.
Horizontalists argue for an infinitely elastic reaction function in the time period between revisions of the short-run nominal interest rate (see for instance Moore, 1991, 1995), whereas structuralists defend a less than perfectly elastic function (see for example Pollin, 1991).
Since the debate over the slope of the supply curve of loans is postponed to the next section, the curve is represented by a perfectly elastic schedule at a base rate (like r0), determined as a fixed mark-up over the short-run nominal interest rate (such as i0) set by the central bank.
By adjusting the short-run nominal interest rate, they are able to affect lending conditions in the credit market, and more generally to control the cost and availability of liquidity in the economy.
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