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Chicago Plan Revisited (Benes & Kumhof)

The Chicago Plan revisited by Jaromir Benes and Michael Kumhof published by IMF. “This paper revisits the Chicago Plan, a proposal for fundamental monetary reform that was put forward by many leading U.S economists at the height of the Great Depression. Our analytical and simulation results fully validate Fisher’s (1936) claims. The Chicago Plan could significantly reduce business cycle volatility caused by rapid changes in bakns attitudes towards credit risk, it would eliminate bank runs, and it would lead to an instantaneous and large reduction in the levels of both government and private debt.”

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