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This paper studies the joint business cycle dynamics of inflation, money growth, nominal and real interest rates and the velocity of money. I extend and estimate a standard cash and credit monetary model by adding idiosyncratic preference shocks to cash consumption as well as a banking sector....
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state established a state-owned bank. I use a census of the state banks that existed in the United States prior to the Civil … these states. Specifically, I determine differences in banks per capita by state over time; bank longevities (survival rates …) by state, size, and type of organization; and bank failure probabilities also by state, size, and type of organization …
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