I review the original Monetary Commission's origins and contribution to the legislative effort that led to the passage of the Federal Reserve Act. My immediate purpose is that of identifying that Commission's merits and shortcomings, with the aim of informing the current effort to establish a...

This study examines whether the transition from a system of multiple issuing banks to a monopoly on currency issuance was a step in the Bank of Spain’s becoming a central bank in the true sense of the word (a non-profit-maximizing institution); or on the contrary, whether the Bank used its...

We use the founding of the Federal Reserve as a historical experiment to provide some insight into whether a lender of last resort can stabilize financial markets. Following the Panic of 1907, Congress passed two measures that established a lender of last resort in the United States: (1) the...

During the contraction from 1929 through 1933, the Federal Reserve System tracked changes in the status of all banks operating in the United States and determined the cause of each bank suspension. This essay introduces quarterly series derived from that hitherto dormant data and presents...

During the contraction from 1929 through 1933, the Federal Reserve System tracked changes in the status of all banks operating in the United States and determined the cause of each bank suspension. This essay introduces quarterly series derived from that hitherto dormant data and presents...