The Chicago plan revisited /:
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 Fish...
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| Hauptverfasser: | , |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
©2012.
|
| Schriftenreihe: | IMF working paper ;
WP/12/202. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | 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. |
| Beschreibung: | Title from PDF title page (IMF Web site, viewed August 13, 2012). "Research Department." "August 2012." |
| Beschreibung: | 1 online resource (71 pages) |
| Bibliographie: | Includes bibliographical references. |
| ISBN: | 1475562209 9781475562200 1475505523 9781475505528 1475530056 9781475530056 1475587783 9781475587784 |
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| 245 | 1 | 4 | |a The Chicago plan revisited / |c prepared by Jaromir Benes and Michael Kumhof. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2012. | ||
| 300 | |a 1 online resource (71 pages) | ||
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| 490 | 1 | |a IMF working paper ; |v WP/12/202 | |
| 500 | |a Title from PDF title page (IMF Web site, viewed August 13, 2012). | ||
| 520 | |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. | ||
| 504 | |a Includes bibliographical references. | ||
| 500 | |a "Research Department." | ||
| 500 | |a "August 2012." | ||
| 505 | 0 | |a Cover; Contents; I. Introduction; II. The Chicago Plan in the History of Monetary Thought; A. Government versus Private Control over Money Issuance; B. The Chicago Plan; III. The Model under the Current Monetary System; A. Banks; B. Lending Technologies; C. Transactions Cost Technologies; D. Equity Ownership and Dividends; E. Unconstrained Households; F. Constrained Households; G. Unions; H. Manufacturers; I. Capital Goods Producers; J. Capital Investment Funds; K. Government; 1. Monetary Policy; 2. Prudential Policy; 3. Fiscal Policy; 4. Government Budget Constraint; L. Market Clearing. | |
| 505 | 8 | |a IV. The Model under the Chicago PlanA. Banks; B. Households; C. Manufacturers; D. Government; 1. Monetary Policy; 2. Prudential Policy; 3. Fiscal Policy; 4. Government Budget Constraint; 5. Controlling Boom-Bust Cycles -- Additional Considerations; V. Calibration; VI. Transition to the Chicago Plan; VII. Credit Booms and Busts Pre-Transition and Post-Transition; VIII. Conclusion; References; Figures; 1. Changes in Bank Balance Sheet in Transition Period (percent of GDP); 2. Changes in Government Balance Sheet in Transition Period (percent of GDP). | |
| 505 | 8 | |a 3. Changes in Bank Balance Sheet -- Details (percent of GDP)4. Transition to Chicago Plan -- Bank Balance Sheets; 5. Transition to Chicago Plan -- Main Macroeconomic Variables; 6. Transition to Chicago Plan -- Fiscal Variables; 7. Business Cycle Properties Pre-Transition versus Post-Transition. | |
| 546 | |a English. | ||
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| 650 | 6 | |a École de Chicago (Économie politique) | |
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| _version_ | 1816882203377795072 |
| adam_text | |
| any_adam_object | |
| author | Beneš, Jaromír, 1973- Kumhof, Michael |
| author_GND | http://id.loc.gov/authorities/names/no2010093964 http://id.loc.gov/authorities/names/no2002021979 |
| author_corporate | International Monetary Fund. Research Department |
| author_corporate_role | |
| author_facet | Beneš, Jaromír, 1973- Kumhof, Michael International Monetary Fund. Research Department |
| author_role | aut aut |
| author_sort | Beneš, Jaromír, 1973- |
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| bvnumber | localFWS |
| callnumber-first | H - Social Science |
| callnumber-label | HG3881 |
| callnumber-raw | HG3881.5.I58 W67 No. 12/202eb |
| callnumber-search | HG3881.5.I58 W67 No. 12/202eb |
| callnumber-sort | HG 43881.5 I58 W67 NO 212 3202EB |
| callnumber-subject | HG - Finance |
| collection | ZDB-4-EBA |
| contents | Cover; Contents; I. Introduction; II. The Chicago Plan in the History of Monetary Thought; A. Government versus Private Control over Money Issuance; B. The Chicago Plan; III. The Model under the Current Monetary System; A. Banks; B. Lending Technologies; C. Transactions Cost Technologies; D. Equity Ownership and Dividends; E. Unconstrained Households; F. Constrained Households; G. Unions; H. Manufacturers; I. Capital Goods Producers; J. Capital Investment Funds; K. Government; 1. Monetary Policy; 2. Prudential Policy; 3. Fiscal Policy; 4. Government Budget Constraint; L. Market Clearing. IV. The Model under the Chicago PlanA. Banks; B. Households; C. Manufacturers; D. Government; 1. Monetary Policy; 2. Prudential Policy; 3. Fiscal Policy; 4. Government Budget Constraint; 5. Controlling Boom-Bust Cycles -- Additional Considerations; V. Calibration; VI. Transition to the Chicago Plan; VII. Credit Booms and Busts Pre-Transition and Post-Transition; VIII. Conclusion; References; Figures; 1. Changes in Bank Balance Sheet in Transition Period (percent of GDP); 2. Changes in Government Balance Sheet in Transition Period (percent of GDP). 3. Changes in Bank Balance Sheet -- Details (percent of GDP)4. Transition to Chicago Plan -- Bank Balance Sheets; 5. Transition to Chicago Plan -- Main Macroeconomic Variables; 6. Transition to Chicago Plan -- Fiscal Variables; 7. Business Cycle Properties Pre-Transition versus Post-Transition. |
| ctrlnum | (OCoLC)805951598 |
| dewey-full | 332.152 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.152 |
| dewey-search | 332.152 |
| dewey-sort | 3332.152 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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Furthermore, output gains approach 10 percent, and steady state inflation can drop to zero without posing problems for the conduct of monetary policy.</subfield></datafield><datafield tag="504" ind1=" " ind2=" "><subfield code="a">Includes bibliographical references.</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">"Research Department."</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">"August 2012."</subfield></datafield><datafield tag="505" ind1="0" ind2=" "><subfield code="a">Cover; Contents; I. Introduction; II. The Chicago Plan in the History of Monetary Thought; A. Government versus Private Control over Money Issuance; B. The Chicago Plan; III. The Model under the Current Monetary System; A. Banks; B. Lending Technologies; C. Transactions Cost Technologies; D. Equity Ownership and Dividends; E. Unconstrained Households; F. Constrained Households; G. Unions; H. Manufacturers; I. Capital Goods Producers; J. 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| geographic_facet | United States USA |
| id | ZDB-4-EBA-ocn805951598 |
| illustrated | Not Illustrated |
| indexdate | 2024-11-27T13:24:53Z |
| institution | BVB |
| institution_GND | http://id.loc.gov/authorities/names/n77001219 |
| isbn | 1475562209 9781475562200 1475505523 9781475505528 1475530056 9781475530056 1475587783 9781475587784 |
| language | English |
| oclc_num | 805951598 |
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| physical | 1 online resource (71 pages) |
| psigel | ZDB-4-EBA |
| publishDate | 2012 |
| publishDateSearch | 2012 |
| publishDateSort | 2012 |
| publisher | International Monetary Fund, |
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| series | IMF working paper ; |
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| spelling | Beneš, Jaromír, 1973- author. https://id.oclc.org/worldcat/entity/E39PCjMfjxrGYpwcYbBK6xvtmm http://id.loc.gov/authorities/names/no2010093964 The Chicago plan revisited / prepared by Jaromir Benes and Michael Kumhof. [Washington, D.C.] : International Monetary Fund, ©2012. 1 online resource (71 pages) text txt rdacontent computer c rdamedia online resource cr rdacarrier polychrome rdacc http://rdaregistry.info/termList/RDAColourContent/1003 text file rdaft IMF working paper ; WP/12/202 Title from PDF title page (IMF Web site, viewed August 13, 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. "Research Department." "August 2012." Cover; Contents; I. Introduction; II. The Chicago Plan in the History of Monetary Thought; A. Government versus Private Control over Money Issuance; B. The Chicago Plan; III. The Model under the Current Monetary System; A. Banks; B. Lending Technologies; C. Transactions Cost Technologies; D. Equity Ownership and Dividends; E. Unconstrained Households; F. Constrained Households; G. Unions; H. Manufacturers; I. Capital Goods Producers; J. Capital Investment Funds; K. Government; 1. Monetary Policy; 2. Prudential Policy; 3. Fiscal Policy; 4. Government Budget Constraint; L. Market Clearing. IV. The Model under the Chicago PlanA. Banks; B. Households; C. Manufacturers; D. Government; 1. Monetary Policy; 2. Prudential Policy; 3. Fiscal Policy; 4. Government Budget Constraint; 5. Controlling Boom-Bust Cycles -- Additional Considerations; V. Calibration; VI. Transition to the Chicago Plan; VII. Credit Booms and Busts Pre-Transition and Post-Transition; VIII. Conclusion; References; Figures; 1. Changes in Bank Balance Sheet in Transition Period (percent of GDP); 2. Changes in Government Balance Sheet in Transition Period (percent of GDP). 3. Changes in Bank Balance Sheet -- Details (percent of GDP)4. Transition to Chicago Plan -- Bank Balance Sheets; 5. Transition to Chicago Plan -- Main Macroeconomic Variables; 6. Transition to Chicago Plan -- Fiscal Variables; 7. Business Cycle Properties Pre-Transition versus Post-Transition. English. Chicago school of economics. http://id.loc.gov/authorities/subjects/sh85023256 Banks and banking United States Econometric models. École de Chicago (Économie politique) Banques États-Unis Modèles économétriques. BUSINESS & ECONOMICS Finance. bisacsh Banks and banking Econometric models fast Chicago school of economics fast United States fast https://id.oclc.org/worldcat/entity/E39PBJtxgQXMWqmjMjjwXRHgrq Wirtschaftskrise gnd http://d-nb.info/gnd/4066466-1 Geldpolitik gnd Finanzwirtschaft gnd USA gnd Kumhof, Michael, author. http://id.loc.gov/authorities/names/no2002021979 International Monetary Fund. Research Department. http://id.loc.gov/authorities/names/n77001219 has work: The Chicago plan revisited (Text) https://id.oclc.org/worldcat/entity/E39PCGCrBmTKQ4xvxpJWQQwPV3 https://id.oclc.org/worldcat/ontology/hasWork IMF working paper ; WP/12/202. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568200 Volltext |
| spellingShingle | Beneš, Jaromír, 1973- Kumhof, Michael The Chicago plan revisited / IMF working paper ; Cover; Contents; I. Introduction; II. The Chicago Plan in the History of Monetary Thought; A. Government versus Private Control over Money Issuance; B. The Chicago Plan; III. The Model under the Current Monetary System; A. Banks; B. Lending Technologies; C. Transactions Cost Technologies; D. Equity Ownership and Dividends; E. Unconstrained Households; F. Constrained Households; G. Unions; H. Manufacturers; I. Capital Goods Producers; J. Capital Investment Funds; K. Government; 1. Monetary Policy; 2. Prudential Policy; 3. Fiscal Policy; 4. Government Budget Constraint; L. Market Clearing. IV. The Model under the Chicago PlanA. Banks; B. Households; C. Manufacturers; D. Government; 1. Monetary Policy; 2. Prudential Policy; 3. Fiscal Policy; 4. Government Budget Constraint; 5. Controlling Boom-Bust Cycles -- Additional Considerations; V. Calibration; VI. Transition to the Chicago Plan; VII. Credit Booms and Busts Pre-Transition and Post-Transition; VIII. Conclusion; References; Figures; 1. Changes in Bank Balance Sheet in Transition Period (percent of GDP); 2. Changes in Government Balance Sheet in Transition Period (percent of GDP). 3. Changes in Bank Balance Sheet -- Details (percent of GDP)4. Transition to Chicago Plan -- Bank Balance Sheets; 5. Transition to Chicago Plan -- Main Macroeconomic Variables; 6. Transition to Chicago Plan -- Fiscal Variables; 7. Business Cycle Properties Pre-Transition versus Post-Transition. Chicago school of economics. http://id.loc.gov/authorities/subjects/sh85023256 Banks and banking United States Econometric models. École de Chicago (Économie politique) Banques États-Unis Modèles économétriques. BUSINESS & ECONOMICS Finance. bisacsh Banks and banking Econometric models fast Chicago school of economics fast Wirtschaftskrise gnd http://d-nb.info/gnd/4066466-1 Geldpolitik gnd Finanzwirtschaft gnd |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85023256 http://d-nb.info/gnd/4066466-1 |
| 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 | chicago plan revisited |
| topic | Chicago school of economics. http://id.loc.gov/authorities/subjects/sh85023256 Banks and banking United States Econometric models. École de Chicago (Économie politique) Banques États-Unis Modèles économétriques. BUSINESS & ECONOMICS Finance. bisacsh Banks and banking Econometric models fast Chicago school of economics fast Wirtschaftskrise gnd http://d-nb.info/gnd/4066466-1 Geldpolitik gnd Finanzwirtschaft gnd |
| topic_facet | Chicago school of economics. Banks and banking United States Econometric models. École de Chicago (Économie politique) Banques États-Unis Modèles économétriques. BUSINESS & ECONOMICS Finance. Banks and banking Econometric models Chicago school of economics United States Wirtschaftskrise Geldpolitik Finanzwirtschaft USA |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=568200 |
| work_keys_str_mv | AT benesjaromir thechicagoplanrevisited AT kumhofmichael thechicagoplanrevisited AT internationalmonetaryfundresearchdepartment thechicagoplanrevisited AT benesjaromir chicagoplanrevisited AT kumhofmichael chicagoplanrevisited AT internationalmonetaryfundresearchdepartment chicagoplanrevisited |