Banks are Not Intermediaries of Loanable Funds – And Why This Matters

By Z. Jakab, Michael Kumhof. 2015

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Agent based-stock flow consistent macroeconomics: Towards a benchmark model (2016, background): “This is a consequence of the pro-cyclical behavior of firms’ total debt (explained below): the endogeneity of money in the model and the adoption of stock flow consistent rules implies that, as in reality, every new loan is accompanied by the creation of a new deposit of equal value, so that the loa”
The Macroeconomics of Central Bank Issued Digital Currencies (2016, methodology): “See Jakab and Kumhof (2015). utility gains and thus the benefits of holding deposits.”