Some Theoretical and Practical Implications of Selected Aspects of the Chicago Plan for Banking and Monetary Reform
Author | : James Anthony Largay |
Publisher | : |
Total Pages | : 84 |
Release | : 1965 |
Genre | : Banks and banking |
ISBN | : |
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Author | : James Anthony Largay |
Publisher | : |
Total Pages | : 84 |
Release | : 1965 |
Genre | : Banks and banking |
ISBN | : |
Author | : Mr.Jaromir Benes |
Publisher | : International Monetary Fund |
Total Pages | : 71 |
Release | : 2012-08-01 |
Genre | : Business & Economics |
ISBN | : 1475505523 |
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.
Author | : Ronnie J. Phillips |
Publisher | : Routledge |
Total Pages | : 224 |
Release | : 2016-09-16 |
Genre | : Business & Economics |
ISBN | : 1315286637 |
This work presents a comprehensive history and evaluation of the role of the 100 percent reserve plan in the banking legislation of the New Deal reform era from its inception in 1933 to its re-emergence in the current financial reform debate in the US.
Author | : Board of Governors of the Federal Reserve System |
Publisher | : |
Total Pages | : 0 |
Release | : 2002 |
Genre | : Banks and Banking |
ISBN | : 9780894991967 |
Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Author | : United States. Superintendent of Documents |
Publisher | : |
Total Pages | : 1128 |
Release | : 1977-03 |
Genre | : Government publications |
ISBN | : |
February issue includes Appendix entitled Directory of United States Government periodicals and subscription publications; September issue includes List of depository libraries; June and December issues include semiannual index
Author | : United States. Congress |
Publisher | : |
Total Pages | : 2094 |
Release | : 1971 |
Genre | : Law |
ISBN | : |
Author | : Xerox University Microfilms |
Publisher | : |
Total Pages | : 814 |
Release | : 1973 |
Genre | : Business |
ISBN | : |