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The possibility of financial innovation and its associated upward-sloping money-supply schedule underpins the logic of a horizontal money-supply curve.
Thus the money-supply curve may be flat but the finance or credit-supply curve may be upward-sloping.
First, it seriously compromises the negative function of endogenous money, because in the presence of interest-sensitive investment spending, the introduction of an upward-sloping finance-supply curve effectively reasserts the Wicksellian theory of interest, allowing once again the possibility of gravitation to full employment.
Second, the possibility of an upward-sloping credit-supply curve compromises the positive function of endogenous money in that its supporting mechanisms are no longer sufficient to provide intermediate finance for investment spending.
It is because of the impact that an upward-sloping credit-supply curve would have on these fundamental functions of endogenous money that horizontalists have been so unwilling to accept it (see Lavoie, 1996, for example).
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