The intertemporal transmission of money in the endogenous monetary economy: A blessing from the past or a curiosity?

For a long time, many post-Keynesians have criticized the theory of the monetary circuit because it ignores the multiplier. They argue that what is in question is the very nature of money, because when the multiplier is denied money becomes ‘ephemeral’, vanishing as soon as it is created, an idea at odds with the concept of the non-neutrality of money which underlies the post-Keynesian monetary research project.