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Consider a case where saving and expenditure are equal in real terms, so that real demand for loans is equal to the real supply of loans at the natural real rate of interest, r*, and where the nominal demand for loans is also equal to nominal supply at the current money rate of interest.
This will shift the nominal supply of loans from S1 (r, P) to S2 (r, P) and cause banks to reduce the money rate of interest on loans.
The banking system will thus have an excess supply of loan resources in both real and nominal terms.
Indeed, Godley (1999, p. 401) takes Moore (1988) to task for claiming that deposits expand automatically in line with the additional supply of loans, 'so there is no need for the hierarchy of interest rates to change'.
The demand for loans (such as L D) is a decreasing function of the base rate (r), and together with the supply of loans (like L S), it determines the total volume of credit (such as L ).
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