Since publication of Hetzel's The Monetary Policy of the Federal Reserve (Cambridge
University Press, 2008), the intellectual consensus that had characterized macroeconomics …

The Central European panic of the spring 1931 is often presented as a cause of the sterling
crisis of September. But what was the transmission channel? This article explores how the …

The paper provides a survey of fiscal and monetary policies during the 1930s under the
Hoover and Roosevelt administrations and how they influenced the policies during the …

Abstract In May to July 1931, a series of financial panics shook central Europe before
spreading to the rest of the world. This article explores the role of cross‐border banking …

The current crisis has given new impetus to research on globalisation, the gold standard,
financial crises and contagion in the 1930s. In this article we re-examine the question of …

How does local credit supply affect economic dynamism? Using an exogenous bond shock
in historical Japan and new genealogical firm-level data, we empirically examine the effects …

In the boom before the Great Depression, capital requirements for commercial banks were
low and fixed. Bankers faced double liability. Failing banks were not bailed out. During the …

During the 1920s, Germany was the world's largest capital importer, financing reparations
through US credits. We examine financial channels in crisis transmission between these two …

We review developments in the history of money, banking, and financial intermediation over
the last twenty years. We focus on studies of financial development, including the role of …

We analyze the impact of contractionary monetary policy through increases in reserve
requirements on bank lending. We compare the lending behavior of banks that were subject …