Prior to the financial crisis of 2007-2008, economists thought that no such crisis could or
would ever happen again in the United States, that financial events of such magnitude were …

We examine the importance of Roosevelt's “relief, recovery, and reform” motives to the
distribution of New Deal funds across over 3000 US counties, program by program. The …

This paper offers a historical perspective on the evolution of central banks as lenders of last
resort (LOLR). Countries differ in the statutory powers of the LOLR, which is the outcome of a …

This article develops a framework for estimating multivariate treatment effect models in the
presence of sample selection. The methodology deals with several important issues …

AFTER THE largely evolutionary changes in the government's role during the Progressive
Era and the emergency expansion of that role during World War I, government activity …

What conditions cause major policy changes under representative government? This article
addresses that question by providing a theoretically grounded analysis of a massive policy …

Bank rescue programs are designed to provide assistance to struggling financial
intermediaries during financial crises. A complicating factor is that participating banks are …

We examine the effects of the Reconstruction Finance Corporation's (RFC) loan and
preferred stock programs on bank failure rates in Michigan during the period 1932–1934 …

Does enhanced shareholder liability reduce bank failure? We compare the performance of
around 4,200 state-regulated banks of similar size in neighboring US states with different …

When banking systems are in distress, should they be rescued? If so, in what form and on
what terms should resources be transferred to banks? Is it possible to derive lessons from …