Conference Paper
Taking intermediation seriously
Smith, Bruce D. (2003)
Proceedings

Conference Paper
The conduct of monetary policy with a shrinking stock of government debt
Smith, Bruce D.; Schreft, Stacey L. (2002)
Proceedings

Journal Article
Inflation, financial markets and capital formation
Boyd, John H.; Smith, Bruce D.; Choi, Sangmok (1996-05)
Review , Volume 78 , Issue May , Pages 9-35

Journal Article
Monetary policy and financial market evolution
Smith, Bruce D.; Bencivenga, Valerie R. (2003-07)
Review , Volume 85 , Issue Jul , Pages 7-26

Journal Article
In order to form a more perfect monetary union
Weber, Warren E.; Rolnick, Arthur J.; Smith, Bruce D. (1993-10)
Why did states agree to a U.S. Constitution that prohibits them from issuing their own money? This article argues that two common answers to this question?a fear of inflation and a desire to control what money qualifies as legal tender?do not fit the facts. The article proposes a better answer: a desire to form a viable monetary union that both eliminates the variability of exchange rates between various forms of money and avoids the seigniorage problem that otherwise occurs in a fixed exchange rate system. Supporting evidence is offered from three periods of U.S. history: the colonial period ...
Quarterly Review , Volume 17 , Issue Fall , Pages 2-13

Journal Article
Is there a \\"credit channel\\" for monetary policy? (commentary)
Smith, Bruce D. (1995-05)
Review , Issue May , Pages 78-82

Conference Paper
Private money creation and the Suffolk Banking System
Smith, Bruce D.; Weber, Warren E. (1999)
Proceedings

Journal Article
Lessons from a laissez-faire payments system: the Suffolk Banking System (1825-58)
Weber, Warren E.; Rolnick, Arthur J.; Smith, Bruce D. (1998-07)
A classic example of a privately created interbank payments system was operated by the Suffolk Bank of New England (1825?58). Known as the Suffolk Banking System, it was the nation?s first regionwide net-clearing system for bank notes. While it operated, notes of all New England banks circulated at par throughout the region. Some have concluded from this experience that unfettered competition in the provision of payments services can produce an efficient payments system. But another look at the history of the Suffolk Banking System questions this conclusion. The Suffolk Bank earned ...
Quarterly Review , Volume 22 , Issue Sum , Pages 11-21

Conference Paper
Crises in competitive versus monopolistic banking systems
De Nicolo, Gianni; Boyd, John H.; Smith, Bruce D. (2004)
We study a monetary, general equilibrium economy in which banks exist because they provide inter-temporal insurance to risk-averse depositors. A "banking crisis" is defined as a case in which banks exhaust their reserve assets. This may (but need not) be associated with liquidation of a storage asset. When such liquidation does occur, the result is a real resource loss to the economy and we label this a "costly banking crisis." There is a monetary authority whose only policy choice is the long-run, constant rate of growth of the money supply, and thus the rate of inflation. Under ...
Proceedings

Journal Article
The Suffolk Bank and the Panic of 1837
Weber, Warren E.; Rolnick, Arthur J.; Smith, Bruce D. (2000-04)
The Suffolk Bank in Boston is well known as having been the clearinghouse for virtually all the banknotes that circulated in New England between 1836 and 1858. An examination of 19th century bank balance sheets shows that during and after the U.S. banking Panic of 1837, this private commercial bank also provided some services that today are provided by central banks. These include lending reserves to other banks (providing a discount window) and keeping the payments system operating. Because of Suffolk's activities, banks in New England fared better than banks elsewhere during the Panic of ...
Quarterly Review , Volume 24 , Issue Spr , Pages 3-13