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liquidity and operate the payments system. Reform advocates noted that banking panics tended to occur at times of the year when … national banks were much less dependent on correspondent banks for seasonal liquidity and that peaks in lending by individual … Reserve Banks aligned with the liquidity needs of banks in their districts. Further, the article shows that after the Fedâ …
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Because of the recent surge in U.S. personal defaults, Congress is currently debating bankruptcy reform legislation requiring a means test for Chapter 7 filers. This paper explores the effects of such a reform in a model where, in contrast to previous work, bankruptcy options and production are...
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