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It is perhaps worthwhile to look deeper into the Monetarist analysis to see how exactly money is created in its model. A typical Monetarist would tell a story about money and banking similar to the following. The central bank determines money supply discretionarily via three operational tools: required reserve ratio, open market operation, and discount window. The idea is that banks will automatically decide to create loans based on the availability of the reserves they possess at the central bank’s balance sheet. Hence, open market operations and discount window set the “base money” by changing the level of reserves through interest rate targeting, and required reserve ratio (thus acts as a money multiplier) simply “leverages” such base money into a much larger pool of money that can then be used by the bank. This is another reason why the causality must run from the left to the right in the quantity theory of money: MV=PY. However, this exogenous money approach, as will be discussed later in contrast with endogenous money, suffers serious flaws. Nonetheless, the essence is that the central bank does control money supply.