The Fed, endogenous money and balance sheet …

I haven't been teeing up thought pieces on the financial system on Credit Writedowns for a while now. And that's a shame since this site's name owes to the role I believe balance sheets in the financial system play in business cycles. So, let me tee up a shorter thought piece, piggybacking on the framework longtime readers know I use to think about the economy. And since this piece was inspired by something

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