#1991-006A "Regulation and Bank Failures: New Evidence from the Agricultural Collapse of the 1920s"
by David C. Wheelock


This article examines the contribution of government policies to the high number of bank failures in the United States during the l920s. I consider the state of Kansas, which had a system of voluntary deposit insurance and where branch banking was strictly prohibited, and find that bank failure rates were highest in counties suffering the greatest agricultural distress and where deposit insurance system membership was the highest. More...

PUBLISHED: Journal of Economic History, December 1992

#1991-005B "Which Banks Choose Deposit Insurance? Evidence of Adverse Selection and Moral Hazard in a Voluntary Insurance"
by David C. Wheelock, and Subal C. Kumbhaker


The sharp increase in depository institution failures in recent years has drawn attention to the moral hazard created by under-priced deposit insurance. To identify possible reforms, researchers have begun to consider alternative deposit insurance arrangements. This paper contributes to that literature by examining the deposit insurance system of Kansas, which operated from 1909 to 1929. More...

PUBLISHED: Journal of Money, Credit, and Banking, November 1991

#1991-004A "Learning Equilibria"
by James B. Bullard
August 1991

This paper employs the Hopf bifurcation theorem to prove the existence of complicated equilibrium trajectories under least squares learning in a standard version of the overlapping generations model. More...

PUBLISHED: Journal of Economic Theory, December 1994

#1991-003A "Collapsing Exchange Rate Regimes: A Reinterpretation."
by James B. Bullard


Microfoundations are provided for a common model of balance of payments crises by showing formal equivalence to a standard overlapping generations model. Certain domestic policy rules are inconsistent with fixed exchange rate equilibrium, which is in agreement with previous results. More...

#1991-002B "Nonlinearity and Chaos in Economic Models:Implications for Policy Decisions"
by James B. Bullard, and Alison Butler
July 1991
Revised August 1992

This survey paper discusses the policy implications that can be expected from the recent research on nonlinearity and chaos in economic models. Expected policy implications are interpreted as a driving force behind the recent proliferation of research in this area. More...

PUBLISHED: Economic Journal, July 1998

#1991-001D "Market Structure and Inefficiency in the Foreign Exchange Market"
by Mark D. Flood

Revised January 1993

This paper investigates the intradaily operational efficiency of the U. S. foreign exchange market by conducting computer simulation experiments with market structure (the numbers of market?makers, brokers and customers). More...

PUBLISHED: Journal of International Money and Finance, April 1994