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Monetary Intervention Mitigated Banking Panics During the Great Depression: Quasi-Experimental Evidence from the Federal Reserve District Border in Mississippi, 1929 to 1933

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Author Info
Gary Richardson
William Troost

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Abstract

The Federal Reserve Act of 1913 divided Mississippi between the 6th (Atlanta) and 8th (St. Louis) Federal Reserve Districts. Before and during the Great Depression, these districts' policies differed. The Atlanta Fed championed monetary activism and the extension of credit to troubled banks. The St. Louis Fed adhered to the doctrine of real bills and eschewed expansionary initiatives. Outcomes differed across districts. In the 6th District, banks failed at lower rates than in the 8th District, particularly during the banking panic in the fall of 1930. The pattern suggests that discount lending reduced failure rates during periods of panic. Historical evidence and statistical analysis corroborates this conclusion.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 12591.

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Date of creation: Oct 2006
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Handle: RePEc:nbr:nberwo:12591

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E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
N1 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations
N2 - Economic History - - Financial Markets and Institutions

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  1. Lawrence J. Christiano & Roberto Motto, 2004. "The Great Depression and the Friedman-Schwartz Hypothesis," Computing in Economics and Finance 2004 169, Society for Computational Economics. [Downloadable!]
  2. Lawrence Christiano & Roberto Motto & Massimo Rostagno, 2004. "The great depression and the Friedman-Schwartz hypothesis," Working Paper Series 326, European Central Bank. [Downloadable!]
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