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The model is thus characterized by money neutrality and embodies a basic version of the quantity theory of money.
For Wicksell, the banking system is central to the operation of the quantity theory of money.
The main point, however, is that the operation of the quantity theory of money in Wicksell's framework is mediated by the banking system and involves movements in money as well as real interest rates.
Wicksell is thus a clear and unequivocal advocate of the quantity theory of money (Wicksell 1898 [1965], pp. 50, 101; cf.
The only reason he considers the case of purely endogenous money is for the light it shines on the role of the banking system and interest rates in quantity-theory mechanics, which he argues had been neglected by previous advocates of the quantity theory of money (see Docherty, 1995).
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