全球智库信息集成服务系统(G2TT): Finance, farms, and the Fed's early years

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w23511
来源ID	Working Paper 23511
	Finance, farms, and the Fed's early years
	Bruce Carlin; William Mann
发表日期	2017-06-19
出版年	2017
语种	英语
摘要	We provide causal evidence that discount rate changes by the Federal Reserve affected economic output in the 1920s. Our identification strategy exploits county-level variation in access to the Fed's discount window, and we implement this strategy with hand-collected data on banking and agriculture in Illinois in the early 20th century. The mechanism for the Fed's effect on agriculture was a bank credit channel, operating independently of any deflationary effect on money supply. Our findings suggest that the Fed deliberately managed transitory shocks during 1920-1921, mitigating debt burdens with which farms would struggle in the years leading to the Great Depression.
主题	Other ; History of Economic Thought ; Financial Economics ; Financial Institutions
URL	https://www.nber.org/papers/w23511
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/581184
推荐引用方式 GB/T 7714	Bruce Carlin,William Mann. Finance, farms, and the Fed's early years. 2017.