Bank Failures and Output During the Great Depression
---- Acknowledgements -----
We thank Jaron Cordero, Linxi Wu, and Stephanie Hurder for superb research assistance. John Lapp, Randall Parker, Greg Mankiw, Tom Sargent, Kate Waldock and participants at the Wake Forest conference "The Federal Reserve Was a Bad Idea" provided helpful comments on an earlier draft. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.