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Author: Mr.Jaromir Benes Publisher: International Monetary Fund ISBN: 1475505523 Category : Business & Economics Languages : en Pages : 71
Book Description
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: Mr.Jaromir Benes Publisher: International Monetary Fund ISBN: 1475505523 Category : Business & Economics Languages : en Pages : 71
Book Description
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 ISBN: 1315286637 Category : Business & Economics Languages : en Pages : 224
Book Description
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: D. Bradford Hunt Publisher: University of Chicago Press ISBN: 0226360873 Category : Social Science Languages : en Pages : 392
Book Description
Now considered a dysfunctional mess, Chicago’s public housing projects once had long waiting lists of would-be residents hoping to leave the slums behind. So what went wrong? To answer this complicated question, D. Bradford Hunt traces public housing’s history in Chicago from its New Deal roots through current mayor Richard M. Daley’s Plan for Transformation. In the process, he chronicles the Chicago Housing Authority’s own transformation from the city’s most progressive government agency to its largest slumlord. Challenging explanations that attribute the projects’ decline primarily to racial discrimination and real estate interests, Hunt argues that well-intentioned but misguided policy decisions—ranging from design choices to maintenance contracts—also paved the road to failure. Moreover, administrators who fully understood the potential drawbacks did not try to halt such deeply flawed projects as Cabrini-Green and the Robert Taylor Homes. These massive high-rise complexes housed unprecedented numbers of children but relatively few adults, engendering disorder that pushed out the working class and, consequently, the rents needed to maintain the buildings. The resulting combination of fiscal crisis, managerial incompetence, and social unrest plunged the CHA into a quagmire from which it is still struggling to emerge. Blueprint for Disaster, then,is an urgent reminder of the havoc poorly conceived policy can wreak on our most vulnerable citizens.
Author: Jon Steel Publisher: John Wiley & Sons ISBN: Category : Business & Economics Languages : en Pages : 330
Book Description
Account planning is a discipline that combines aspects of four traditionally separate areas of advertising and marketing. This text aims to demonstrate how to use account planning to win clients and produce better, more effective advertising. It also shows the role account planning played in producing celebrated advertising campaigns.
Author: Joshua Maree Publisher: Lulu.com ISBN: 1365756106 Category : Languages : en Pages : 224
Book Description
This book explains how our monetary system works and how commercial banks create money. The effects of this are examined, along with an alternate monetary system that is vastly superior - which we term Fair Money. Topics covered include: how commercial banks create money, the importance of seigniorage, how quantitative easing works, what monetary policy really means, how inter-bank payments work, the distraction of fractional reserve banking, the Guernsey experiment, the Chicago Plan, the 5 different money classes, why depositors are creditors, the war on cash, how banks buy currency notes, how bank balance sheets work, constraints on money creation, consequences of debt monetisation, the use of misleading terminology, the historical role of gold, the benefits of an asset-based currency, and the transition to a better monetary system. Extracts are provided from the Bank of England, the Federal Reserve System, the International Monetary Fund and the Reserve Bank of Australia.
Author: Irving Fisher Publisher: CreateSpace ISBN: 9781508727026 Category : Business & Economics Languages : en Pages : 244
Book Description
Irving Fisher's (1935) classic "100% Money" and the "Chicago Plan" are offering solutions to current problems, are revisited, discussed and critiqued. At the time of publication (March 2015), the Greek national debt and the currency of the Euro Area are in issue. National Debts are incurred by misconceived, if not corrupt, ministers of finance and bureaucrats at their central banks, yielding to private commercial bankers who are creating the money out of nothing. The national debts can be repaid at a stroke of a pen, instead are resulting in needless austerity programs, currency failures, leftist governments and noisy demonstrations on the streets, instead of taking back the banks' illicit money creation in violation of generally accepted accounting principles and concepts of IFRS, and giving it back to the people. Jaromir Benes and Michael Kumhof (2012), both economic researchers at the IMF, have run Irving Fisher's 100% monetary system through carefully calibrated models and found support for each of Fisher's beneficial claims: (1) Smooth business cycles; (2) Stable banks; (3) No national debt(s); (4) Stable debt-free money supply created by a public authority instead of private banks. The tests revealed an additional benefit: (5) A 10% national output gain with zero inflation.
Author: Tariq Alrifai Publisher: John Wiley & Sons ISBN: 1118990692 Category : Business & Economics Languages : en Pages : 280
Book Description
Can Islamic finance save the global system? Islamic Finance and the New Financial System describeshow the adoption of Islamic finance principles in future regulatorydecisions could help prevent future shocks in the global financialsystem. Using illustrations and examples to highlight key points inrecent history, this book discusses the causes of financial crises,why they are becoming more frequent and increasingly severe, andhow the new financial system will incorporate elements of Islamicfinance – whether deliberately or not. With an introspectivelook at the system and an examination of the misconceptions anddeficiencies in theory vs. practice, readers will learn why Islamicfinance has not been as influential as it should be on the largerglobal system. Solutions to these crises are thoroughly detailed,and the author puts forth a compelling argument about what can beexpected in the future. Despite international intervention and global policy changes,the financial system remains in a fragile state. There is anargument to be made about integrating Islamic finance into the newsystem to facilitate stronger resilience, and this book explainsthe nuts and bolts of the idea while providing the reader with ageneral understanding of Islamic finance. Understand the key principles of Islamic finance Examine the history of the current financial system Discover how Islamic finance can help build a new debt-freeeconomy Learn how Islamic finance theory doesn't always dictatepractice Although Islamic finance is a growing market, it is still aforeign concept to many. Those within the Islamic finance circleswonder why the system has yet to gain broader appeal despite itsability to create a strong and well-balanced economy. IslamicFinance and the New Financial System provides clever analysisand historical background to put the issues into perspective.
Author: Ann Pettifor Publisher: Verso Books ISBN: 1786631369 Category : Business & Economics Languages : en Pages : 188
Book Description
According to leading economist Ann Pettifor, one of the few people to predict the 2008 financial crisis, money is not a commodity but a promise. This radical reconsideration of the power of money means that we can reimagine the way the economy works. The Production of Money also examines popular alternative debates on, and innovations in, money, such as "green QE" and "helicopter money." She sets out the possibility of linking the money in our pockets (or on our smartphones) to the improvements we want to see in the world around us.
Author: Mr.Jaromir Benes
Author: Mr.Jaromir Benes
Author: Ronnie J. Phillips
Author: D. Bradford Hunt
Author: Jon Steel
Author: Joshua Maree
Author: Walter Dwight Moody
Author: Irving Fisher
Author: Walter Dwight Moody
Author: Tariq Alrifai
Author: Ann Pettifor