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The Chicago plan revisited

Author: Jaromír Beneš; Michael Kumhof; International Monetary Fund. Research Department.
Publisher: [Washington, D.C.] : International Monetary Fund, ©2012.
Series: IMF working paper, WP/12/202.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Database:WorldCat
Summary:
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  Read more...
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Genre/Form: Electronic books
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Jaromír Beneš; Michael Kumhof; International Monetary Fund. Research Department.
ISBN: 1475562209 9781475562200
OCLC Number: 805951598
Notes: Title from PDF title page (IMF Web site, viewed Aug. 13, 2012).
"Research Department."
"August 2012."
Description: 1 online resource (71 pages).
Series Title: IMF working paper, WP/12/202.
Responsibility: prepared by Jaromir Benes and Michael Kumhof.

Abstract:

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.

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