The Chicago plan revisited:
Saved in:
| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
[Washington, D.C.]
International Monetary Fund
©2012
|
| Series: | IMF working paper
WP/12/202 |
| Subjects: | |
| Online Access: | FAW01 FAW02 FLA01 |
| Item Description: | Title from PDF title page (IMF Web site, viewed Aug. 13, 2012). - "Research Department.". - "August 2012." At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy Includes bibliographical references |
| Physical Description: | 71 pages |
| ISBN: | 1475562209 9781475562200 |
Staff View
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| 500 | |a Title from PDF title page (IMF Web site, viewed Aug. 13, 2012). - "Research Department.". - "August 2012." | ||
| 500 | |a At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy | ||
| 500 | |a Includes bibliographical references | ||
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| 650 | 7 | |a Chicago school of economics |2 fast | |
| 650 | 7 | |a Wirtschaftskrise |2 gnd | |
| 650 | 7 | |a Geldpolitik |2 gnd | |
| 650 | 7 | |a Finanzwirtschaft |2 gnd | |
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| 700 | 1 | |a Kumhof, Michael |e Sonstige |4 oth | |
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| id | DE-604.BV043786773 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T07:35:07Z |
| institution | BVB |
| isbn | 1475562209 9781475562200 |
| language | English |
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| spelling | Beneš, Jaromír 1973- Verfasser aut The Chicago plan revisited prepared by Jaromir Benes and Michael Kumhof [Washington, D.C.] International Monetary Fund ©2012 71 pages txt rdacontent c rdamedia cr rdacarrier IMF working paper WP/12/202 Title from PDF title page (IMF Web site, viewed Aug. 13, 2012). - "Research Department.". - "August 2012." At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy Includes bibliographical references Banks and banking / Econometric models fast Chicago school of economics fast Wirtschaftskrise gnd Geldpolitik gnd Finanzwirtschaft gnd BUSINESS & ECONOMICS / Finance bisacsh Bank Wirtschaft Ökonometrisches Modell Chicago school of economics Banks and banking United States Econometric models USA Kumhof, Michael Sonstige oth International Monetary FundXXbResearch Department Sonstige oth |
| spellingShingle | Beneš, Jaromír 1973- The Chicago plan revisited Banks and banking / Econometric models fast Chicago school of economics fast Wirtschaftskrise gnd Geldpolitik gnd Finanzwirtschaft gnd BUSINESS & ECONOMICS / Finance bisacsh Bank Wirtschaft Ökonometrisches Modell Chicago school of economics Banks and banking United States Econometric models |
| title | The Chicago plan revisited |
| title_auth | The Chicago plan revisited |
| title_exact_search | The Chicago plan revisited |
| title_full | The Chicago plan revisited prepared by Jaromir Benes and Michael Kumhof |
| title_fullStr | The Chicago plan revisited prepared by Jaromir Benes and Michael Kumhof |
| title_full_unstemmed | The Chicago plan revisited prepared by Jaromir Benes and Michael Kumhof |
| title_short | The Chicago plan revisited |
| title_sort | the chicago plan revisited |
| topic | Banks and banking / Econometric models fast Chicago school of economics fast Wirtschaftskrise gnd Geldpolitik gnd Finanzwirtschaft gnd BUSINESS & ECONOMICS / Finance bisacsh Bank Wirtschaft Ökonometrisches Modell Chicago school of economics Banks and banking United States Econometric models |
| topic_facet | Banks and banking / Econometric models Chicago school of economics Wirtschaftskrise Geldpolitik Finanzwirtschaft BUSINESS & ECONOMICS / Finance Bank Wirtschaft Ökonometrisches Modell Banks and banking United States Econometric models USA |
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