NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Can a Lender of Last Resort Stabilize Financial Markets? Lessons from the Founding of the Fed

Asaf Bernstein, Eric Hughson, Marc D. Weidenmier

NBER Working Paper No. 14422
Issued in October 2008

---- Acknowledgements -----

The authors would like to thank Richard Burdekin, Vincenzo Quadrini and seminar participants at Claremont McKenna College and the University of Southern California for comments. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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