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Author:Tallman, Ellis W. 

Working Paper
Liquidity provision during the crisis of 1914: private and public sources

Caught between the end of the National Banking Era and the beginning of the Federal Reserve System, the crisis of 1914 provides an example of a banking panic avoided. We investigate how this outcome was achieved by examining data on the issues of Aldrich-Vreeland emergency currency and clearing house loan certificates to New York City institutions that identify borrower and quantity requested for each type of temporary liquidity measure. Combined with balance sheet data, we illustrate how temporary liquidity borrowing was essential for maintaining transactions volumes among New York City ...
Working Papers (Old Series) , Paper 1304

Journal Article
Where would the federal funds rate be, if it could be negative?

In the wake of Great Recession, the Federal Reserve engaged in conventional monetary policy actions by reducing the federal funds rate. But soon the rate hit zero, and could go no lower. In such environments, policymakers still think in terms of where the federal funds rate should be, were it possible to go negative. To project the ?unconstrained path? of the funds rate?ignoring the zero lower bound?and to identify the key underlying shocks driving that path, we employ a statistical macroeconomic forecasting model. We find that the federal funds rate would have been extremely negative during ...
Economic Commentary , Issue Oct

Working Paper
Business cycles and financial crises: the roles of credit supply and demand shocks

This paper explores the hypothesis that the sources of economic and financial crises differ from non-crisis business cycle fluctuations. We employ Markov-switching Bayesian vector autoregressions (MS-BVARs) to gather evidence about the hypothesis on a long annual U.S. sample running from 1890 to 2010. The sample covers several episodes useful for understanding U.S. economic and financial history, which generate variation in the data that aids in identifying credit supply and demand shocks. We identify these shocks within MS-BVARs by tying credit supply and demand movements to inside money and ...
Working Papers , Paper 12-24

Working Paper
Money demand and relative prices in hyperinflations: evidence from Germany and China

FRB Atlanta Working Paper , Paper 92-10

Working Paper
Fiscal policy and trade adjustment: are the deficits really twins?

FRB Atlanta Working Paper , Paper 91-2

Journal Article
Review essay on The House of Morgan: an American Banking Dynasty and the Rise of Modern Finance(1990) by Ron Chernow

Economic Review , Issue Sep , Pages 28-32

Journal Article
The burden of debt

EconSouth , Volume 3 , Issue Q2 , Pages 1

Journal Article
Investigating U.S. government and trade deficits

Economic Review , Issue May , Pages 1-11

Working Paper
Banking and financial crises in United States history: what guidance can history offer policymakers?

This paper assesses the validity of comparisons between the current financial crisis and past crises in the United States. We highlight aspects of two National Banking Era crises (the Panic of 1873 and the Panic of 1907) that are relevant for comparison with the Panic of 2008. In 1873, overinvestment in railroad debt and the default of railroad companies on that debt led to the failure of numerous brokerage houses, precursor to the modern investment bank. During the Panic of 1907, panic-related deposit withdrawals centered on the less regulated trust companies, which had only indirect access ...
Working Papers (Old Series) , Paper 1009

Working Paper
Human capital and endogenous growth: evidence from Taiwan

FRB Atlanta Working Paper , Paper 90-9



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