emergency currency during a financial crisis and (2) the Federal Reserve Act of 1913 which established a central bank. We employ …

operating in the United States and determined the cause of each bank suspension. This essay analyzes chronological patterns in … of bank distress. Periods of heightened distress were correlated with periods of increased illiquidity. Contagion via … correspondent networks and bank runs propagated the initial banking panics. As the depression deepened and asset values declined …

operating in the United States and determined the cause of each bank suspension. This essay introduces quarterly series derived …

operating in the United States and determined the cause of each bank suspension. This essay introduces that hitherto dormant … illiquidity and insolvency were substantial sources of bank distress. Contagion (via correspondent networks and bank runs …

of liquidation makes the private bank coalition incentive compatible, inducing banks to monitor each other. But, despite … the evolution of private bank coalitions, government central banks and government deposit insurance schemes historically … replaced the private bank coalitions. In this paper we ask why this transition from private arrangements to public arrangements …

Important questions concerning the structure and operation of a European central bank remain to be answered. Although …

Reserve discount window through contacts with Federal Reserve members. We find that individual bank attributes related to the … that a bank's position within the interbank network (as a user or provider of liquidity) predicts the timing of its entry …