The Check Tax: Fiscal Folly and the Great Monetary Contraction
研究发现1932-1934年对银行支票征收的两美分税是当时严重货币紧缩的重要推手，使货币供应量减少约12%，而这一后果曾被许多立法者预见。
Although its role has been overlooked by monetary historians, a two-cent tax on bank checks effective from June 1932 through December 1934 appears to have been an important contributing factor to that period's severe monetary contraction. According to the estimates in this article, the currency–demand deposit ratio was about 15 percent higher, and the M1 money stock about 12 percent smaller, ceteris paribus, than each would have been without the tax. The contractionary consequences had in fact been anticipated by many legislators who were, nevertheless, unable to prevent the measure from being included in the Revenue Act of 1932.