Who first posited that a given increase in the reserve base causes deposits to multiply as the reserve increase shifts from bank to bank?

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Quizplus · Accepted Answer

James Pennington, an English economist, was the first to articulate the concept of the money multiplier effect in 1828, explaining how an increase in bank reserves could lead to a multiplied increase in deposits as the reserves are lent, redeposited, and relent across different banks.

Who First Posited That a Given Increase in the Reserve