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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.
Chicago and New York share similar backgrounds but have had strikingly different fates. Tracing their fortunes from the 1930s to the present day, Ester R. Fuchs examines key policy decisions which have influenced the political structures of these cities and guided them into, or clear of, periods of economic crisis.
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.
Do deficits matter? Yes and no, says Daniel Shaviro in this political and economic study. Yes, because fiscal policy affects generational distribution, national saving, and the level of government spending. And no, because the deficit is an inaccurate measure with little economic content. This book provides an invaluable guide for anyone wanting to know exactly what is at stake for Americans in this ongoing debate. "[An] excellent, comprehensive, and illuminating book. Its analysis, deftly integrating considerations of economics, law, politics, and philosophy, brings the issues of 'balanced budgets,' national saving, and intergenerational equity out of the area of religious crusades and into an arena of reason. . . . A magnificent, judicious, and balanced treatment. It should be read and studied not just by specialists in fiscal policy but by all those in the economic and political community."—Robert Eisner, Journal of Economic Literature "Shaviro's history, economics, and political analysis are right on the mark. For all readers."—Library Journal
An expanded narrative of the rich, unique history of the University of Chicago. One of the most influential institutions of higher learning in the world, the University of Chicago has a powerful and distinct identity, and its name is synonymous with intellectual rigor. With nearly 170,000 alumni living and working in more than one hundred and fifty countries, its impact is far-reaching and long-lasting. With The University of Chicago: A History, John W. Boyer, Dean of the College from 1992 to 2023, thoroughly engages with the history and the lived politics of the university. Boyer presents a history of a complex academic community, focusing on the nature of its academic culture and curricula, the experience of its students, its engagement with Chicago’s civic community, and the resources and conditions that have enabled the university to sustain itself through decades of change. He has mined the archives, exploring the school’s complex and sometimes controversial past to set myth and hearsay apart from fact. Boyer’s extensive research shows that the University of Chicago’s identity is profoundly interwoven with its history, and that history is unique in the annals of American higher education. After a little-known false start in the mid-nineteenth century, it achieved remarkable early successes, yet in the 1950s it faced a collapse of undergraduate enrollment, which proved fiscally debilitating for decades. Throughout, the university retained its fierce commitment to a distinctive, intense academic culture marked by intellectual merit and free debate, allowing it to rise to international acclaim. Today it maintains a strong obligation to serve the larger community through its connections to alumni, to the city of Chicago, and increasingly to its global community. Boyer’s tale is filled with larger-than-life characters—John D. Rockefeller, Robert Maynard Hutchins, and many other famous figures among them—and episodes that reveal the establishment and rise of today’s institution. Newly updated, this edition extends through the presidency of Robert Zimmer, whose long tenure was marked by significant developments and controversies over subjects as varied as free speech, medical inequity, and community relations.