There are two major problems in identifying the output effects of banking panics of the pre–
Great Depression era. First, it is not clear when panics occurred because prior panic series …

How should regulators design effective emergency lending facilities to mitigate stigma
during a financial crisis? I explore this question using data from an unexpected disclosure of …

This article reassesses the causes of Chicago state bank failures during the Great
Depression by tracking the evolution of their balance sheets in the 1920s. I find that all …

This paper surveys the failures that ignited major financial panics in the United States. It
starts with the Panic of 1819 and covers 11 others through the Panic of 2008. This sample …

1We thank participants in the Bank of Norway's Pre‐Conference at the Graduate Institute,
Geneva, 25‐26 April 2013, for many valuable comments and suggestions. The opinions …

Credit relationships are sticky. Stickiness makes relationships beneficial to borrowers in
times of their own distress but makes them potentially problematic when lenders themselves …

This paper examines the failures or in some cases near-failures of financial institutions that
started the 12 most severe peacetime financial panics in the United States, beginning with …

This article reconstructs the history of mutual assistance among Federal Reserve Banks. We
present data on accommodation operations through which Reserve Banks mutualized gold …

The causes, recovery, and consequences of the Great Depression have been studied
extensively by historians and both macroeconomists and microeconomists. Some of the …

How can policy-makers successfully tame excessive credit growth? I exploit a single natural
experiment to estimate the comparative causal effects of different financial stability policies …