| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14422 |
| 来源ID | Working Paper 14422 |
| Can a Lender of Last Resort Stabilize Financial Markets? Lessons from the Founding of the Fed | |
| Asaf Bernstein; Eric Hughson; Marc D. Weidenmier | |
| 发表日期 | 2008-10-21 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | 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 Aldrich-Vreeland Act of 1908 which authorized certain banks to issue emergency currency during a financial crisis and (2) the Federal Reserve Act of 1913 which established a central bank. We employ a new identification strategy to isolate the effects of the introduction of a lender of last resort from other macroeconomic shocks. We compare the standard deviation of stock returns and short-term interest rates over time across the months of September and October, the two months of the year when financial markets were most vulnerable to a crash because of financial stringency from the harvest season, with the rest of the year during the period 1870-1925. Stock volatility in the post-1907 period (June 1908-1925) was more than 40 percent lower in the months of September and October compared to the period (1870- May 1908). We also find that the volatility of the call loan rate declined nearly 70 percent in September and October following the monetary regime change. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Financial Economics ; Financial Markets ; History ; Macroeconomic History |
| URL | https://www.nber.org/papers/w14422 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572097 |
| 推荐引用方式 GB/T 7714 | Asaf Bernstein,Eric Hughson,Marc D. Weidenmier. Can a Lender of Last Resort Stabilize Financial Markets? Lessons from the Founding of the Fed. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14422.pdf（199KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
