This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

Interest Rates Under the U.S. National Banking System

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Bruce Champ (University of Western Ontario)
Neil Wallace (University of Minnesota and FRB, Minneapolis)
Warren Weber (FRB, Minneapolis and University of Minnesota)

Additional information is available for the following registered author(s):

Abstract

According to previous studies, the demand-liability feature of national bank notes did not present a problem for note-issuing banks because the nonbank public treated notes and other currency as perfect substitutes. However, that view, when combined with nonbindingness of the collateral restriction a against note issue, itself an implication of the fact that not all eligible co collateral was used as collateral, implies that the safe short-term interest rate is pegged at the tax rate on note circulation. Since evidence on short- term interest rates is inconsistent with such a peg, that view must be rejected.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://129.3.20.41/eps/eh/papers/9310/9310001.doc.gz
File Format: application/msword
File Function:
Download Restriction: no
File URL: http://129.3.20.41/eps/eh/papers/9310/9310001.pdf
File Format: application/pdf
File Function:
Download Restriction: no
File URL: http://129.3.20.41/eps/eh/papers/9310/9310001.ps.gz
File Format: application/postscript
File Function:
Download Restriction: no

Publisher Info
Paper provided by EconWPA in its series Economic History with number 9310001.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 19 pages
Date of creation: 01 Oct 1993
Date of revision:
Handle: RePEc:wpa:wuwpeh:9310001

Note: 19 pages, text WordPerfect format, figures available from Weber
Contact details of provider:
Web page: http://129.3.20.41

For technical questions regarding this item, or to correct its listing, contact: (EconWPA).

Related research
Keywords:

Other versions of this item:

Find related papers by JEL classification:
N - Economic History

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. James, John A, 1976. "The Conundrum of the Low Issue of National Bank Notes," Journal of Political Economy, University of Chicago Press, vol. 84(2), pages 359-67, April. [Downloadable!] (restricted)
  2. Cagan, Phillip & Schwartz, Anna J, 1991. "The National Bank Note Puzzle Reinterpreted," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(3), pages 293-307, August. [Downloadable!] (restricted)
  3. Kuehlwein, Michael, 1992. "The National Bank Note Controversy Reexamined," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 24(1), pages 111-26, February. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Ricardo Cavalcanti & Andres Erosa & Ted Temzelides, 1998. "Private Money and Reserve Management in a Random Matching Model," Macroeconomics 9803008, EconWPA. [Downloadable!]
    Other versions:
  2. James Bullard & Bruce D. Smith, 2002. "Intermediaries and payments instruments," Working Papers 2002-006, Federal Reserve Bank of St. Louis. [Downloadable!]
    Other versions:
  3. Antoine Martin & Cyril Monnet & Warren E. Weber, 2000. "Costly banknote issuance and interest rates under the national banking system," Working Papers 601, Federal Reserve Bank of Minneapolis. [Downloadable!]
  4. Charles M. Kahn & William Roberds, 1998. "Demandable debt as a means of payment: banknotes versus checks," Working Paper 98-5, Federal Reserve Bank of Atlanta. [Downloadable!]
    Other versions:
  5. Bruce Champ, 2007. "The National Banking System: empirical observations," Working Paper 0719, Federal Reserve Bank of Cleveland. [Downloadable!]
  6. Leo Ferraris, 2003. "Money And Credit In Random Matching Models Of Money," Working Papers 59, Sapienza University of Rome, Department of Public Economics. [Downloadable!]
  7. Stephen Quinn & William Roberds, 2008. "The evolution of the check as a means of payment: a historical survey," Economic Review, Federal Reserve Bank of Atlanta. [Downloadable!]
  8. Bruce Champ & Neil Wallace, 2003. "Resolving the National Banking System note-issue puzzle," Working Paper 0316, Federal Reserve Bank of Cleveland. [Downloadable!]
Statistics
Access and download statistics

Did you know? You can use IDEAS to provide links to papers and articles in your course syllabus.

This page was last updated on 2009-10-17.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.