JACKSONIAN MONETARY POLICY, SPECIE FLOWS, AND THE PANIC OF 1837
通过分析美国政府文件和当时报纸，重新审视国内因素在1837年恐慌中的作用，发现银行间政府余额转移和西部各州对铸币需求的政策性增加导致纽约市银行铸币储备枯竭，使恐慌不可避免。
A number of hypotheses attempt to disentangle the “true” causes of the Panic of 1837 from domestic and international factors that came into play as the crisis approached. I analyze U.S. government documents and contemporary newspapers to reconsider the role of domestic factors. These sources place neither the official distribution of the federal surplus nor an international shock at the center. Rather, a series of interbank transfers of government balances and a policy-induced increase in the demand for coin in the Western states drained the largest New York City banks of their specie reserves and rendered the panic inevitable.