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The Chicago plan revisited
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| 자료유형 | 단행본 |
|---|---|
| 서명/저자사항 | The Chicago plan revisited/ prepared by Jaromir Benes and Michael Kumhof. |
| 개인저자 | Bene?, Jarom?r,1973- author. Kumhof, Michael,author, |
| 단체저자명 | International Monetary Fund. Research Department. |
| 발행사항 | [Washington, D.C.]: International Monetary Fund, ?012. |
| 형태사항 | 1 online resource (71 pages). |
| 총서사항 | IMF working paper;WP/12/202 |
| ISBN | 1475562209 9781475562200 |
| 일반주기 |
Title from PDF title page (IMF Web site, viewed Aug. 13, 2012).
"Research Department." "August 2012." |
| 서지주기 | Includes bibliographical references. |
| 요약 | 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. |
| 주제명(지명) | United States. --fast USA --gnd |
| 일반주제명 | Chicago school of economics. Banks and banking --United States --Econometric models. BUSINESS & ECONOMICS --Finance. Banks and banking --Econometric models. Chicago school of economics. Wirtschaftskrise Geldpolitik Finanzwirtschaft |
| 언어 | 영어 |
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