The Founding of the Federal Reserve, the Great Depression, and the Evolution of the U.S. Interbank Network
研究了美联储成立和大萧条这两个关键事件如何改变美国银行间网络结构，发现银行与美联储所在城市的联系先分散后集中，且与这些城市联系更紧密的银行存活率更高。
Financial network structure is an important determinant of systemic risk. This article examines how the U.S. interbank network evolved over a long and important period that included two key events: the founding of the Federal Reserve and the Great Depression. Banks established connections to correspondents that joined the Federal Reserve in cities with Fed offices, initially reducing overall network concentration. The network became even more focused on Fed cities during the Depression, as survival rates were higher for banks with more existing connections to Fed cities, and as survivors established new connections to those cities over time.