The Founding of the Federal Reserve, the Great Depression and the Evolution of the U.S. Interbank Network
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The authors thank Dan Bogart, Charles Calomiris, and two anonymous referees for comments on a previous version of this paper, as well as conference participants at the Federal Reserve Bank of Cleveland’s 2018 Financial and Monetary History Workshop and the 2018 World Economic History Conference. The paper greatly benefited from a grant from the Yale Economic Growth Center. The views expressed in this paper are those of the authors and do not necessarily reflect official positions of the Federal Reserve Bank of St. Louis, the Federal Reserve System, or the National Bureau of Economic Research.