Arresting Banking Panics: Federal Reserve Liquidity Provision and the Forgotten Panic of 1929
研究了1929年佛罗里达州果蝇疫情引发的银行恐慌中，亚特兰大联邦储备银行紧急提供货币是否制止了恐慌，发现干预使银行倒闭数量减半，对理解大萧条期间类似干预效果有参考价值。
Scholars differ on whether central bank intervention mitigates banking panics. In April 1929, a fruit fly infestation in Florida forced the U.S. government to quarantine fruit shipments from the state and destroy infested groves. In July, depositors panicked in Tampa and surrounding cities. The Federal Reserve Bank of Atlanta rushed currency to member banks beset by runs. We show that this intervention arrested the panic and estimate that bank failures would have been twice as high without the Federal Reserve's intervention. Our results suggest that similar interventions may have reduced bank failures during the Great Depression.