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I can see you mean well and are probably mortally convinced of the salience of these features.

Nah, I am not mortally convinced of anything - just haven't found any major flaw with Wray and
gang's description of the mechanics of what goes on... yet (their prescriptions are another matter)
- so do elaborate (I certainly would love to get a hold of someone who is intimately familiar with
the software behind ACH - I am not kidding - I do want to know the nitty gritty).

I am also quite interested in your take on why money creation by banks isn't relevant
even for a boiled down model?

That's a vague query on my part - I mean the quick answer would be that you just don't - I am hoping
you can say more than that. My rough take is that much of the interesting stuff is happening at the
broad money level, so ignoring deposit creation would miss a large chunk of what's happening there.
I am not convinced that what's happening at the high powered money level (apart from
extreme scenarios) has much of an effect on the price level.

A bit more specific question would be: do you think a constant money multiplier assumption is
sufficient for a boiled down model? My (possibly incorrect) interpretation of the MyCo model is that
the answer to the latter is yes (but then, am I also interpreting correctly that MyCo wouldn't be
particularly appropriate in dealing with incongruities like QE and the like? Basically, simplifying
model assumption vs. all the ins and outs of reality? Or...?).
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