| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16688 |
| 来源ID | Working Paper 16688 |
| Did Doubling Reserve Requirements Cause the Recession of 1937-1938? A Microeconomic Approach | |
| Charles W. Calomiris; Joseph Mason; David Wheelock | |
| 发表日期 | 2011-01-13 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | In 1936-37, the Federal Reserve doubled the reserve requirements imposed on member banks. Ever since, the question of whether the doubling of reserve requirements increased reserve demand and produced a contraction of money and credit, and thereby helped to cause the recession of 1937-1938, has been a matter of controversy. Using microeconomic data to gauge the fundamental reserve demands of Fed member banks, we find that despite being doubled, reserve requirements were not binding on bank reserve demand in 1936 and 1937, and therefore could not have produced a significant contraction in the money multiplier. To the extent that increases in reserve demand occurred from 1935 to 1937, they reflected fundamental changes in the determinants of reserve demand and not changes in reserve requirements. |
| 主题 | Macroeconomics ; Monetary Policy ; Financial Economics ; Financial Institutions ; History ; Macroeconomic History ; Financial History |
| URL | https://www.nber.org/papers/w16688 |
| 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/574363 |
| 推荐引用方式 GB/T 7714 | Charles W. Calomiris,Joseph Mason,David Wheelock. Did Doubling Reserve Requirements Cause the Recession of 1937-1938? A Microeconomic Approach. 2011. |
| 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 | ||
| w16688.pdf（719KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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