On the controversy over the origins of the Chicago Plan for 100 percent reserves

Tavlas, George S.

doi:10.2139/ssrn.4142948

Cited by 3 publications

(1 citation statement)

References 14 publications

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“…On the history of this plan, see Ronnie J Phillips (1994;1995). and George S Tavlas (2019;2023a;2023b)…”

mentioning

confidence: 99%

Investigating the “Debt-Money-Prices” Triangle: Irving Fisher’s Theoretical Journey Toward the 100% Money Proposal

Demeulemeester

2024

Preprint

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This paper aims to show how the 100% money proposal, which Irving Fisher came to support in 1935, connects to the rest of his work on monetary instability—in particular, to his credit cycle analysis of 1911, and his debt-deflation theory of 1932-33. Behind these respective analyses, we identify a common explanatory pattern of monetary fluctuations, the “debt-money-prices” triangle, which we use to show how Fisher’s explanations evolved over time, and how his advocacy of 100% money came as a logical conclusion.

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“…On the history of this plan, see Ronnie J Phillips (1994;1995). and George S Tavlas (2019;2023a;2023b)…”

mentioning

confidence: 99%

Investigating the “Debt-Money-Prices” Triangle: Irving Fisher’s Theoretical Journey Toward the 100% Money Proposal

Demeulemeester

2024

Preprint

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Economics and Money. Political and Epistemological Perspectives of Connecting and Fault Lines: A Fil Rouge from Keynes to Digitization

Masera

2023

Contributions to Economics

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The effect of Eurosystem asset purchase programmes on euro area sovereign bond yields during the COVID-19 pandemic

Hondroyiannis¹,

Papaoikonomou²

2021

Working Paper

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We investigate the effect of Eurosystem Asset Purchase Programmes (APP) on the monthly yields of 10-year sovereign bonds for 11 euro area sovereigns during January-December 2020. The analysis is based on time-varying coefficient methods applied to monthly panel data covering the period 2004m09 to 2020m12. During 2020 APP contributed to an average decline in yields estimated in the range of 58-76 bps. In December 2020 the effect per EUR trillion ranged between 34 bps in Germany and 159 bps in Greece. Stronger effects generally display diminishing returns. Our findings suggest that a sharp decline in the size of the APP in the aftermath of the COVID-19 crisis could lead to very sharp increases in bond yields, particularly in peripheral countries. The analysis additionally reveals a differential response to global risks between core and peripheral countries, with the former enjoying safe-haven benefits. Markets’ perceptions of risk are found to be significantly affected by credit ratings, which is in line with recent evidence based on constant parameter methods.

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On the controversy over the origins of the Chicago Plan for 100 percent reserves

Cited by 3 publications

References 14 publications

Investigating the “Debt-Money-Prices” Triangle: Irving Fisher’s Theoretical Journey Toward the 100% Money Proposal

Investigating the “Debt-Money-Prices” Triangle: Irving Fisher’s Theoretical Journey Toward the 100% Money Proposal

Economics and Money. Political and Epistemological Perspectives of Connecting and Fault Lines: A Fil Rouge from Keynes to Digitization

The effect of Eurosystem asset purchase programmes on euro area sovereign bond yields during the COVID-19 pandemic

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