Rejoinder to Chase and Hendershott

Chase makes a number of incorrect statements about our paper, and Hendershott argues that because some of the sources of the adjusted monetary base are not exogenous, the adjusted monetary base cannot be exogenous. Most of Chase's arguments do not bear, even remotely, on our paper, and Hendershott's argument involves a non sequitur, so it is important to reply to their criticisms. We will discuss Chase's comments first