The Effect of the Central Bank Liquidity Support during Pandemics: Evidence from the 1918 Spanish Influenza Pandemic
Author
Abstract
Suggested Citation
DOI: 10.17016/FEDS.2020.050
Download full text from publisher
References listed on IDEAS
- Haelim Anderson & Charles W. Calomiris & Matthew Jaremski & Gary Richardson, 2018.
"Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 50(1), pages 173-201, February.
- Charles W. Calomiris & Matthew Jaremski & Haelim Park & Gary Richardson, 2015. "Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System," Working Papers 15-05, Office of Financial Research, US Department of the Treasury.
- Charles W. Calomiris & Matthew Jaremski & Haelim Park & Gary Richardson, 2016. "Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System," Working Paper 16-6, Federal Reserve Bank of Richmond.
- Charles W. Calomiris & Matthew Jaremski & Haelim Park & Gary Richardson, 2015. "Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System," NBER Working Papers 21684, National Bureau of Economic Research, Inc.
- Haelim Anderson & Mark Paddrik & Jessie Jiaxu Wang, 2019.
"Bank Networks and Systemic Risk: Evidence from the National Banking Acts,"
American Economic Review, American Economic Association, vol. 109(9), pages 3125-3161, September.
- Mark Paddrik & Jessie Jiaxu Wang, 2016. "Bank Networks and Systemic Risk: Evidence from the National Banking Acts," Working Papers 16-13, Office of Financial Research, US Department of the Treasury.
- Clay, Karen & Lewis, Joshua & Severnini, Edson, 2018.
"Pollution, Infectious Disease, and Mortality: Evidence from the 1918 Spanish Influenza Pandemic,"
The Journal of Economic History, Cambridge University Press, vol. 78(4), pages 1179-1209, December.
- Karen Clay & Joshua Lewis & Edson Severnini, 2015. "Pollution, Infectious Disease, and Mortality: Evidence from the 1918 Spanish Influenza Pandemic," NBER Working Papers 21635, National Bureau of Economic Research, Inc.
- Clay, Karen & Lewis, Joshua & Severnini, Edson R., 2015. "Pollution, Infectious Disease, and Mortality: Evidence from the 1918 Spanish Influenza Pandemic," IZA Discussion Papers 9399, Institute of Labor Economics (IZA).
- Benjamin Chabot, 2017. "The Federal Reserve’s Evolving Monetary Policy Implementation Framework: 1914-1923," Working Paper Series WP-2017-1, Federal Reserve Bank of Chicago.
- Thomas A. Garrett, 2009.
"War And Pestilence As Labor Market Shocks: U.S. Manufacturing Wage Growth 1914–1919,"
Economic Inquiry, Western Economic Association International, vol. 47(4), pages 711-725, October.
- Thomas A. Garrett, 2006. "War and pestilence as labor market shocks: manufacturing wage growth 1914-1919," Working Papers 2006-018, Federal Reserve Bank of St. Louis.
- Kris James Mitchener & Gary Richardson, 2019.
"Network Contagion and Interbank Amplification during the Great Depression,"
Journal of Political Economy, University of Chicago Press, vol. 127(2), pages 465-507.
- Mitchener, Kris James & Richardson, Gary, 2016. "Network Contagion and Interbank Amplification during the Great Depression," CEPR Discussion Papers 11164, C.E.P.R. Discussion Papers.
- Kris James Mitchener & Gary Richardson, 2016. "Network Contagion and Interbank Amplification during the Great Depression," NBER Working Papers 22074, National Bureau of Economic Research, Inc.
- Kris James Mitchener & Gary Richardson, 2016. "Network Contagion and Interbank Amplification during the Great Depression," Working Paper 16-3, Federal Reserve Bank of Richmond.
- Lagoarde-Segot, Thomas & Leoni, Patrick L., 2013. "Pandemics of the poor and banking stability," Journal of Banking & Finance, Elsevier, vol. 37(11), pages 4574-4583.
- Mamelund, Svenn-Erik, 2006. "A socially neutral disease? Individual social class, household wealth and mortality from Spanish influenza in two socially contrasting parishes in Kristiania 1918-19," Social Science & Medicine, Elsevier, vol. 62(4), pages 923-940, February.
- Brainerd, Elizabeth & Siegler, Mark V, 2003. "The Economic Effects of the 1918 Influenza Epidemic," CEPR Discussion Papers 3791, C.E.P.R. Discussion Papers.
- Haelim Anderson & Guillermo Ordonez & Selman Erol, 2019.
"Interbank Networks in the Shadows of the Federal Reserve Act,"
2019 Meeting Papers
1285, Society for Economic Dynamics.
- Haelim Anderson & Selman Erol & Guillermo Ordoñez, 2020. "Interbank Networks in the Shadows of the Federal Reserve Act," NBER Working Papers 27721, National Bureau of Economic Research, Inc.
- Thomas Lagoarde-Segot & Patrick L. Leoni, 2013. "Pandemics of the poor and banking stability," Post-Print hal-01499618, HAL.
- Gary Gorton & Andrew Metrick, 2013. "The Federal Reserve and Panic Prevention: The Roles of Financial Regulation and Lender of Last Resort," Journal of Economic Perspectives, American Economic Association, vol. 27(4), pages 45-64, Fall.
Citations
RePEc Biblio mentions
As found on the RePEc Biblio, the curated bibliography for Economics:Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Haelim Anderson & Jin-Wook Chang & Adam Copeland, 2020. "The Effect of the Central Bank Liquidity Support during Pandemics: Evidence from the 1918 Influenza Pandemic," Staff Reports 928, Federal Reserve Bank of New York.
- Karlsson, Martin & Nilsson, Therese & Pichler, Stefan, 2012.
"What Doesn't Kill You Makes You Stronger? The Impact of the 1918 Spanish Flu Epidemic on Economic Performance in Sweden,"
Working Paper Series
911, Research Institute of Industrial Economics.
- Karlsson, Martin & Nilsson, Therese & Pichler, Stefan, 2012. "What doesn't kill you makes you stronger? The Impact of the 1918 Spanish Flu Epidemic on Economic Performance in Sweden," Working Papers 2012:7, Lund University, Department of Economics.
- Karlsson, Martin & Nilsson, Therese & Pichler, Stefan, 2012. "What doesn’t kill you makes you stronger? The Impact of the 1918 Spanish Flu Epidemic on Economic Performance in Sweden," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 77375, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
- Karlsson, Martin & Nilsson, Therese & Pichler, Stefan, 2012. "What doesn’t kill you makes you stronger? The Impact of the 1918 Spanish Flu Epidemic on Economic Performance in Sweden," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 57149, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
- Karlsson, Martin & Nilsson, Therese & Pichler, Stefan, 2012. "What doesn't kill you makes you stronger? The impact of the 1918 Spanish flu epidemic on economic performance in Sweden," Darmstadt Discussion Papers in Economics 211, Darmstadt University of Technology, Department of Law and Economics.
- Karlsson, Martin & Nilsson, Therese & Pichler, Stefan, 2014. "The impact of the 1918 Spanish flu epidemic on economic performance in Sweden," Journal of Health Economics, Elsevier, vol. 36(C), pages 1-19.
- Arthi, Vellore & Parman, John, 2021.
"Disease, downturns, and wellbeing: Economic history and the long-run impacts of COVID-19,"
Explorations in Economic History, Elsevier, vol. 79(C).
- Vellore Arthi & John Parman, 2020. "Disease, Downturns, and Wellbeing: Economic History and the Long-Run Impacts of COVID-19," NBER Working Papers 27805, National Bureau of Economic Research, Inc.
- Jaremski, Matthew & Wheelock, David C., 2020.
"The Founding of the Federal Reserve, the Great Depression, and the Evolution of the U.S. Interbank Network,"
The Journal of Economic History, Cambridge University Press, vol. 80(1), pages 69-99, March.
- Matthew S. Jaremski & David C. Wheelock, 2019. "The Founding of the Federal Reserve, the Great Depression and the Evolution of the U.S. Interbank Network," NBER Working Papers 26034, National Bureau of Economic Research, Inc.
- Matthew Jaremski & David C. Wheelock, 2019. "The Founding of the Federal Reserve, the Great Depression and the Evolution of the U.S. Interbank Network," Working Papers 2019-2, Federal Reserve Bank of St. Louis.
- Haelim Anderson & Charles W. Calomiris & Matthew Jaremski & Gary Richardson, 2018.
"Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 50(1), pages 173-201, February.
- Charles W. Calomiris & Matthew Jaremski & Haelim Park & Gary Richardson, 2015. "Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System," Working Papers 15-05, Office of Financial Research, US Department of the Treasury.
- Charles W. Calomiris & Matthew Jaremski & Haelim Park & Gary Richardson, 2016. "Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System," Working Paper 16-6, Federal Reserve Bank of Richmond.
- Charles W. Calomiris & Matthew Jaremski & Haelim Park & Gary Richardson, 2015. "Liquidity Risk, Bank Networks, and the Value of Joining the Federal Reserve System," NBER Working Papers 21684, National Bureau of Economic Research, Inc.
- Bipasha Barua & Suborna Barua, 2021. "COVID-19 implications for banks: evidence from an emerging economy," SN Business & Economics, Springer, vol. 1(1), pages 1-28, January.
- Francois R. Velde, 2020. "What Happened to the US Economy During the 1918 Influenza Pandemic? A View Through High-Frequency Data," Working Paper Series WP 2020-11, Federal Reserve Bank of Chicago.
- Zheng, Chen & Zhang, Junru, 2021. "The impact of COVID-19 on the efficiency of microfinance institutions," International Review of Economics & Finance, Elsevier, vol. 71(C), pages 407-423.
- Brian Beach & Karen Clay & Martin Saavedra, 2020. "The 1918 Influenza Pandemic and its Lessons for COVID-19," Working Papers 2020-15, The George Washington University, Institute for International Economic Policy.
- Thomas A. Garrett, 2009.
"War And Pestilence As Labor Market Shocks: U.S. Manufacturing Wage Growth 1914–1919,"
Economic Inquiry, Western Economic Association International, vol. 47(4), pages 711-725, October.
- Thomas A. Garrett, 2006. "War and pestilence as labor market shocks: manufacturing wage growth 1914-1919," Working Papers 2006-018, Federal Reserve Bank of St. Louis.
- Colvin, Christopher L. & McLaughlin, Eoin, 2020.
"Death, demography and the denominator: New Influenza-18 mortality estimates for Ireland,"
SRERC Working Paper Series
SRERCWP2020-2, University College Cork (UCC), Spatial and Regional Economic Research Centre (SRERC).
- Colvin, Christopher L. & McLaughlin, Eoin, 2020. "Death, Demography and the Denominator: New Influenza-18 Mortality Estimates for Ireland," QUCEH Working Paper Series 2020-04, Queen's University Belfast, Queen's University Centre for Economic History.
- Mario F. Carillo & Tullio Jappelli, 2020.
"Pandemics and Local Economic Growth: Evidence from the Great Influenza in Italy,"
CSEF Working Papers
568, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
- Carillo, Mario & Jappelli, Tullio, 2020. "Pandemics and Local Economic Growth: Evidence from the Great Influenza in Italy," CEPR Discussion Papers 14849, C.E.P.R. Discussion Papers.
- Sanjiv R. Das & Kris James Mitchener & Angela Vossmeyer, 2018. "Systemic Risk and the Great Depression," NBER Working Papers 25405, National Bureau of Economic Research, Inc.
- Obrizan, Maksym & Karlsson, Martin & Matvieiev, Mykhailo, 2020. "The Macroeconomic Impact of the 1918–19 Influenza Pandemic in Sweden," MPRA Paper 98910, University Library of Munich, Germany.
- Sriya Anbil & Angela Vossmeyer, 2017. "Liquidity from Two Lending Facilities," Finance and Economics Discussion Series 2017-117, Board of Governors of the Federal Reserve System (U.S.).
- Anbil, Sriya, 2018. "Managing stigma during a financial crisis," Journal of Financial Economics, Elsevier, vol. 130(1), pages 166-181.
- Brian Beach & Karen Clay & Martin H. Saavedra, 2020. "The 1918 Influenza Pandemic and its Lessons for COVID-19," NBER Working Papers 27673, National Bureau of Economic Research, Inc.
- Constantin Bürgi & Nisan Gorgulu, 2020. "Social Distancing and the Economic Impact of Covid-19 in the United States," CESifo Working Paper Series 8577, CESifo.
- Esteves, Rui & Geisler Mesevage, Gabriel, 2019. "Social Networks in Economic History: Opportunities and Challenges," Explorations in Economic History, Elsevier, vol. 74(C).
More about this item
Keywords
1918 Spanish influenza; Pandemics; Financial stability; Bank lending; Economic recovery;All these keywords.
JEL classification:
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
- N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-
NEP fields
This paper has been announced in the following NEP Reports:- NEP-HIS-2020-07-27 (Business, Economic & Financial History)
- NEP-MAC-2020-07-27 (Macroeconomics)
- NEP-MON-2020-07-27 (Monetary Economics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedgfe:2020-50. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (). General contact details of provider: http://edirc.repec.org/data/frbgvus.html .
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.