Dating the Lender of Last Resort

• 成果类型: Article
• 署名作者: Rieder, Kilian; Anson, Michael; Bholat, David; Thomas, Ryland
• 署名单位: Oesterreichische Nationalbank (OeNB); Centre for Economic Policy Research - UK; Bank of England; Oesterreichische Nationalbank (OeNB)
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1093/ej/ueac089
• 发表日期: 2023
• 页码: 1657-1676
• 关键词: federal-reserve; Banking panics; monetary intervention; liquidity provision; Bagehot; credit; CRISIS

摘要

We exploit a fixed rule constraining central bank credit provision in a regression discontinuity framework to analyse counterparties' behavioural responses to the (non-)receipt of liquidity during a crisis. In spring 1847, the Bank of England suddenly started rationing credit to avoid violating its gold reserve requirement. We show that counterparties that suffered rejection from the Bank were more likely to fail. Conditional on survival, rationed counterparties learned from their experience and changed their behaviour during a subsequent panic in fall 1847: they came to the discount window more often, but submitted smaller requests and relied less on central bank liquidity overall.