Proposals by economists John Cochrane and Martin Wolf envision the elimination of fractional reserve banking in order to neutralize risk that resulted in the Great Recession. Wolf focuses on the risks introduced by the "private money" created as a byproduct of lending. He favors a system in which the government is given a complete monopoly on money creation. Cochrane argues that banks should be 100% funded by equity and that a tax should be placed on run-prone short-term debt. Krugman writes that Wolf and Cochrane's proposals each underestimate the complexity of regulating such a model and questions the assumption that banking problems were the root cause of the crisis.