Economics, Econometrics and Finance
8 years ago

Federal Reserve notes outshine national bank notes, reshaping monetary policy.

SSRN Electronic Journal
Government and Private E-Money-Like Systems: Federal Reserve Notes and National Bank Notes
Warren E. Weber

Paper Summary

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During 1914-1935 in the US, both private bank notes and central bank notes were in circulation. Federal Reserve notes were not meant to be better than national bank notes, but to help in financial crises. National bank notes were phased out because they could affect the Federal Reserve's control of the banking system's reserves and monetary policy.