The Resource The Chicago Plan Revisited, Michael Kumhof, (electronic resource)

The Chicago Plan Revisited, Michael Kumhof, (electronic resource)

Label
The Chicago Plan Revisited
Title
The Chicago Plan Revisited
Statement of responsibility
Michael Kumhof
Creator
Contributor
Subject
Language
eng
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 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
Member of
Cataloging source
DcWaIMF
http://library.link/vocab/creatorName
Kumhof, Michael
Government publication
international or intergovernmental publication
Literary form
non fiction
Nature of contents
dictionaries
http://library.link/vocab/relatedWorkOrContributorName
  • Benes, Jaromir
  • Kumhof, Michael
Series statement
IMF Working Papers; Working Paper
Series volume
No. 12/202
http://library.link/vocab/subjectName
  • 100% Reserve Banking
  • Bank Capital Adequacy
  • Bank Lending
  • Boom-Bust Cycles
  • Chicago Plan
  • Chicago School of Economics
  • Ireland
  • United States
Label
The Chicago Plan Revisited, Michael Kumhof, (electronic resource)
Instantiates
Publication
Color
multicolored
Dimensions
unknown
Extent
1 online resource (71 p.)
Form of item
online
Isbn
9781475505528
Issn
1018-5941
Other control number
10.5089/9781475505528.001
Specific material designation
remote
System control number
(IMF)WPIEA2012202
Label
The Chicago Plan Revisited, Michael Kumhof, (electronic resource)
Publication
Color
multicolored
Dimensions
unknown
Extent
1 online resource (71 p.)
Form of item
online
Isbn
9781475505528
Issn
1018-5941
Other control number
10.5089/9781475505528.001
Specific material designation
remote
System control number
(IMF)WPIEA2012202

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