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来源类型Working Paper
规范类型报告
DOI10.3386/w26859
来源IDWorking Paper 26859
Contagion of Fear
Kris James Mitchener; Gary Richardson
发表日期2020-03-16
出版年2020
语种英语
摘要The Great Depression is infamous for banking panics, which were a symptomatic of a phenomenon that scholars have labeled a contagion of fear. Using geocoded, microdata on bank distress, we develop metrics that illuminate the incidence of these events and how banks that remained in operation after panics responded. We show that between 1929-32 banking panics reduced lending by 13%, relative to its 1929 value, and the money multiplier and money supply by 36%. The banking panics, in other words, caused about 41% of the decline in bank lending and about nine-tenths of the decline in the money multiplier during the Great Depression.
主题Macroeconomics ; Money and Interest Rates ; Financial Economics ; Financial Institutions ; History ; Financial History
URLhttps://www.nber.org/papers/w26859
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/584532
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GB/T 7714
Kris James Mitchener,Gary Richardson. Contagion of Fear. 2020.
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