Endogenous money theory triumphs over exogenous theory in monetary policies.
The article discusses the debate between Milton Friedman and Nicholas Kaldor about how money supply affects the economy. It shows that Kaldor's theory of money creation has become more influential than Friedman's over time. The researchers looked at historical data from major central banks and found that Kaldor's ideas are now more widely accepted. This means that understanding how money is created is better explained by Kaldor's ideas than Friedman's.