Reconciling bagehot and the fed's response to september 11

Journal of Money, Credit and Banking

Volumn 41, Issue 2-3, 2009, Pages 397-415

  Martin, Antoine ^a  

^a FEDERAL RESERVE BANK OF NEW YORK   (United States)

Author keywords

Bagehot; Commodity money; Lender of last resort; Liquidity provision

Indexed keywords

EID: 63649093559     PISSN: 00222879     EISSN: None     Source Type: Journal    
DOI: 10.1111/j.1538-4616.2009.00210.x     Document Type: Article

References (35)

1. Allen, Franklin, and Douglas Gale 1998 Optimal Financial Crises Journal of Finance, 53, 1245 84.
2. Allen, Franklin, and Douglas Gale 2004 Financial, Liquidity, and Asset Prices Journal of the European Economic Association, 2, 1015 48.
3. Antinolfi, Gaetano, Elisabeth Huybens, and Todd Keister 2001 Monetary Stability and Liquidity Crises: The Role of the Lender of Last Resort Journal of Economic Theory, 99, 187 219.
4. Bagehot, Walter 1873) Lombard Street, A Description of the Money Market. New York : Scriber, Armstrong, and Co. (References from the 1901 edition, Kegan Paul, Trench, Trüber and Co. Ltd. London.)
5. Bental, Benjamin, Zvi Eckstein, and Dan Peled 1990 Competitive Banking with Fractional Reserves and Regulations Working Paper No. 10-90, Foerder Insitute for Economic Research, Tel Aviv University.
6. Bernanke, Ben S. (2008 Liquidity Provision by the Federal Reserve Remark Delivered at the Federal Reserve Bank of Atlanta's 2008 Financial Market Conference-Financial Market Reforms: Taking Stock, May 13.
7. Champ, Bruce, Bruce D. Smith, and Stephen D. Williamson 1996 Currency Elasticity and Banking Panics: Theory and Evidence Canadian Journal of Economics, 29, 828 64.
8. Cooper, Russell, and Thomas W. Ross 1998 Bank Runs: Liquidity Costs and Investments Distortions Journal of Monetary Economics, 41, 27 38.
9. Cooper, Russell, and Thomas W. Ross 2002 Bank Runs: Deposit Insurance and Capital Requirements International Economic Review, 43, 55 72.
10. Diamond, Douglas, and Philip Dybvig 1983 Bank Runs, Deposit Insurance, and Liquidity Journal of Political Economy, 91, 401 19.
11. Ennis, Huberto M. (2003 Economic Fundamentals and Bank Runs Federal Reserve Bank of Richmond Economic Quarterly, 89, 55 71.
12. Ennis, Huberto M., and Todd Keister 2006 Bank Runs and Investments Decisions Revisited Journal of Monetary Economics, 53, 217 32.
13. Fisher, Stanley 1999 On the Need for an International Lender of Last Resort Journal of Economic Perspective, 13, 85 104.
14. Freeman, Scott 1988 Banking as the Provision of Liquidity Journal of Business, 61, 45 64.
15. Freeman, Scott 1996 The Payment System, Liquidity and Rediscounting American Economic Review, 86, 1126 38.
16. Goodhart, Charles, A. E. (1988) The Evolution of Central Banks. Cambridge, MA : MIT Press.
17. Goodhart, Charles, A. E. (1999 Myths about the Lender of Last Resort International Finance, 2, 339 60.
18. Green, Edward, J. (1997 Money and Debt in the Structure of Payments Bank of Japan Monetary and Economic Studies, 215, 63 87 Reprinted in 1999, Federal Reserve Bank of Minneapolis Quarterly Review, Spring, 13-29 1977 The Bagehot Problem The Manchester School Journal, 45, 241 57.
19. Humphrey, Thomas M. (1975 The Classical Concept of the Lender of Last Resort Federal Reserve Bank of Richmond Economic Review, 61 (January/February 2 9.
20. Humphrey, Thomas M., and Robert E. Keleher 1984 The Lender of Last Resort: A Historical Perspective Cato Journal, 4, 275 318.
21. Jacklin, Charles 1987 Demand Deposits, Trading Restrictions, and Risk Sharing In Contractual Arrangements for Intertemporal Trade, edited by Edward C. Prescott and Neil Wallace. Minneapolis : University of Minnesota Press.
22. Lacker, Jeffrey 2004 Payment System Disruptions and the Federal Reserve Following September 11, 2001 Journal of Monetary Economics, 51, 935 65.
23. Laidler, David 2003 Two Views of the Lender of Last Resort: Thornton and Bagehot Cahiers d'économie politique, 45, 61 78.
24. Martin, Antoine 2005 Reconciling Bagehot and the Fed's Response to September 11 Staff Report 217, Federal Reserve Bank of New York.
25. Martin, Antoine 2006 Liquidity Provision vs. Deposit Insurance: Preventing Bank Panics without Moral Hazard Economic Theory, 28, 197 211.
26. McAndrews, James, and Simon Potter 2003 Liquidity Effects of the Events of September 11, 2001 Federal Reserve Bank of New York Economic Policy Review, 8, 59 79.
27. Peck, James, and Karl Shell 2003 Equilibrium Bank Runs Journal of Political Economy, 111, 103 23.
28. Rochet, Jean-Charles, and Xavier Vives 2004 Coordination Failures and the Lender of Last Resort: Was Bagehot Right After All Journal of the European Economic Association, 2, 1116 47.
29. Schreft, Stacey L., and Bruce D. Smith 1998 The Effect of Open Market Operations in a Model of Intermediation and Growth Review or Economic Studies, 65, 519 50.
30. Sheng, Andrew 1991 Role of the Central Bank in Banking Crisis: An Overview In The Evolving Role of Central Banks, edited by Patrick Downes Reza Vaez-Zadeh, pp. 193 217. Washington, DC : International Monetary Fund.
31. Summers, Lawrence 1991 Planning for the Next Financial Crisis In The Risk of Economic Crisis, edited by Martin Feldstein, pp. 135 58. Chicago : University of Chicago Press.
32. Thornton, Henry 1802) An Enquiry into the Nature and Effects of the Paper Credit of Great Britain. New York : Augustus M. Kelley. (Reprinted in 1962)
33. Wallace, Neil 1988 Another Attempt to Explain an Illiquid Banking System: The Diamond and Dybvig Model with Sequential Service Taken Seriously Federal Reserve Bank of Minneapolis Quarterly Review, 12, 3 16.
34. Williamson, Stephen D. (1998 Discount Window Lending and Deposit Insurance Review of Economic Dynamic, 1, 246 75.
35. Williamson, Stephen D. (2004 Limited Participation, Private Money, and Credit in a Spatial Model of Money Economic Theory, 24, 857 76.