Cagan, Phillip; Schwartz, Anna J - In: Journal of Money, Credit and Banking 23 (1991) 3, pp. 293-307
We previously calculated the profit in issuing notes by national banks to be quite attractive after the late 1890s until all notes were retired in 1935. Yet the banks took until the 1920s to approach the maximum quantity allowed. Proposed explanations in the subsequent literature of this slow...