Much of the puzzle of underissuance of national bank notes can be resolved for the period 1880-1900 (the period when detailed, bank-level data are available) by disaggregating, taking account of regulatory limits, and considering differences in banks' opportunity costs cross-sectionally and over...

We examine the effects of the Reconstruction Finance Corporation's (RFC) loan and preferred stock programs on bank failure rates in Michigan during the period 1932–1934, which includes the important Michigan banking crisis of early 1933 and its aftermath. Using a new database on Michigan...