Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/244242 
Year of Publication: 
2020
Series/Report no.: 
Working Paper No. 2020-28
Publisher: 
Federal Reserve Bank of Chicago, Chicago, IL
Abstract: 
We review developments in the history of money, banking, and financial intermediation over the last twenty years. We focus on studies of financial development, including the role of regulation and the history of central banking. We also review the literature of banking and financial crises. This area has been largely unaffected by the so-called new econometric methods that seek to prove causality in reduced form settings. We discuss why historical macroeconomics is less amenable to such methods, discuss the underlying concepts of causality, and emphasize that models remain the backbone of our historical narratives. Keywords: historical macroeconomics, money, banking, financial intermediation.
JEL: 
N01
N10
N20
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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