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Monetary Intervention Mitigated Banking Panics
during the Great Depression: Quasi-
Experimental Evidence from a Federal Reserve
District Border, 1929–1933
Gary Richardson
University of California, Irvine and National Bureau of Economic Research
William Troost
University of Southern California
The Federal Reserve Act divided Mississippi between the 6th (Atlanta)
and 8th (St. Louis) Districts. During the Great Depression, these dis-
tricts’ policies differed. Atlanta championed monetary activism and
the extension of aid to ailing banks. St. Louis eschewed expansionary
initiatives. During a banking crisis in 1930, Atlanta expedited lending
to banks in need. St. Louis did not. Outcomes differed across districts.
In Atlanta, banks survived at higher rates, lending continued at higher
levels, commerce contracted less, and recovery began earlier. These
patterns indicate that central bank intervention influenced bank
health, credit availability, and business activity.
We thank friends and colleagues for advice and encouragement. Dan Bogart, Michael
Bordo, Jan Brueckner, Charles Calomiris, Michelle Garfinkel, Joseph Mason, Christina
Romer, David Romer, Jean-Laurent Rosenthal, Eugene White, an anonymous referee, and
participants in seminars at the Federal Deposit Insurance Corporation, Federal Reserve
Bank of Atlanta, Federal Reserve Bank of Chicago, Federal Reserve Bank of St. Louis,
Federal Reserve Board of Governors, NBER Summer Institute, Rutgers University, George
Mason University, University of California, Berkeley, University of California, Irvine, and
Western Economics Association provided comments on earlier drafts. This material is based
on work supported by the National Science Foundation under grant 0551232. Shagufta
Ahmed, Shaista Ahmed, Ching-Yi Chung, Joanna Do, and William Troost provided ex-
ceptional research ass
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