IMF paper on Full Reserve Banking

Mr D Smith made this Freedom of Information request to Bank of England

This request has been closed to new correspondence from the public body. Contact us if you think it ought be re-opened.

The request was successful.

Dear Bank of England,
1. Does the Bank of England hold a copy of the IMF working paper number 12/202 released for distribution on Aug

1st 2012, entitled 'The Chicago Plan Revisited', by Jaromir Benes and Michael Kumhof? This paper describes an
assessment of a scheme for Full Reserve Banking devised in the 1930s by Irving Fisher et. al. The authors found that their work supported all Fisher's claims.

2.If not, is there any evidence that anyone in the Bank is aware of its existence?

3. Has anyone in the Bank produced a written comment on the paper, proposing further work, and/or discussing possible policy implications?

4. Has the FPC been made aware?

I am aware that

"[The Bank] is not OBLIGED under the Freedom of Information Act to give you information relating to: (a) monetary policy, (b) financial operations intended to support financial institutions for the purposes of maintaining
stability, or (c) the provision of private banking services and related services. ", but I am not clear that this
applies to my request, and if you decided not to give me the information I am minded to refer the matter to the
Information Commissioner.

Yours faithfully,

Mr D Smith

Enquiries, Bank of England

2 Attachments

Dear Mr Smith


Please find attached a response to your email dated 11 November.


Yours sincerely


Public Information & Enquiries Group

Bank of England |Threadneedle Street|London|EC2R 8AH|+44 20 7601 4878

[1][Bank of England request email]




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Mr D Smith left an annotation ()

As expected they know about the study but have taken no action.