The Federal Reserve and Financial Regulation: The First Hundred Years
---- Acknowledgements -----
Thanks to Doug Diamond, Anil Kashyap, Christina Romer, and David Romer for helpful comments, and to Ellis Tallman for sharing Figure 1, which appears in Tallman (2010). Neither author has anything currently relevant to disclose. Gorton worked with AIG Financial Products during 1996-2008. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.