How the Bank of France Changed U.S. Equity Expectations and Ended the Panic of 1907
采用事件研究法，发现1907年法兰西银行宣布加速黄金支付直接用于美国农作物，与美国股票价格最终回升相关。投资者可能上调股票预期，认识到可靠的季节性黄金流入将缓解货币紧缩。
Using an event study approach, we find the announcement by the Bank of France in 1907 to accelerate gold payments directly for U.S. crops is associated with the ultimate upturn in U.S. equity prices. Spillover to the French financial markets accompanied the Regents’ decision to release sterilized reserves, thereby arresting the drainage of coin in French circulation. Counterfactual analysis shows that the facility alone would have been unlikely to end the crisis. Investors may have revised equity expectations upward, recognizing that the acceleration in reliable seasonal gold flows would relieve monetary stringency.