The New Deal and Recovery, Part 26: The
(This is the last installment of a three-part essay. The other parts are here and here.) A Capital Bank As
The New Deal and Recovery, Part 25: The
(This is the second installment of a three-part essay. The first part is here.) Big Engines that Couldn’t Although Hoover’s
The New Deal and Recovery, Part 24: The
(In writing this series, I allowed myself to skip over some topics. But now that I’m turning the series into
The New Deal and Recovery, Part 23: The
What finally brought the Great Depression to an end? We’ve seen that, whatever it was, it took place not during
The New Deal and Recovery, Part 21: Postwar
After an interruption due mostly to my move to Spain, I’m pleased to be back in the saddle again, wrapping
Diamond and Dybvig and the Panic of 1907
My last post argued that, despite what Diamond and Dybvig’s famous theory suggests, bank runs have seldom proven fatal to
Diamond, Dybvig, and Government Deposit Insurance
The 2022 Nobel Prize in Economics is to be shared by Ben S. Bernanke, Douglas W. Diamond, and Philip H.
Bank and Crypto Runs: F(ac)TX vs Fiction
On October 10th, Douglas Diamond and Philip Dybvig won the Sveriges Riksbank Prize in Economic Sciences, sharing it with Ben
The New Deal and Recovery, Part 21: Happy
By the start of 1948, there could no longer be any doubt: the Great Depression wasn’t coming back. Instead of
Stop Lionizing Paul Volcker and Villainizing Arthur Burns
In a recent Bloomberg column, former New York Fed President Bill Dudley echoes a conventional Fed narrative, contrasting Fed interest