The Extent of the Market for Early American Bank Notes
利用银行间票据持有数据和小型票据经纪商记录，发现战前美国银行票据大多在发行银行方圆50英里内流通，200英里外极少，挑战了私人货币市场高效跨区域流动的假设。
How far did antebellum bank notes travel? Up to now, we did not know. Using previously overlooked data on interbank holdings of bank notes and the records of a small-time note broker, I find that most bank notes circulated within about 50 miles of the issuing banks. Few notes were observed from as far as 200 miles away. Several studies of secondary markets for privately issued currencies assume that notes moved across vast geographic space, but these new findings suggest that we may need new models of bank note pricing and the efficiency of relatively unfettered markets in private currencies.