I examine the causal effect of bank failures during the Great Depression using the quasi-experimental setup of Richardson and Troost (2009). The experiment is based on Mississippi being divided into two Federal Reserve districts, which followed different policies for liquidity provision. This translated into variation in bank failures across the state. Employing a plant-level sample from the Census of Manufactures, I find that banking failures had a negative effect on revenue stemming from a fall in physical output. I find no effect on employment at the plant-level and a large decline at the county-level.
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机译：我使用理查森和特罗斯特（Richardson and Troost，2009）的准实验方法研究了大萧条期间银行倒闭的因果关系。该实验基于密西西比州被分为两个美联储区，这些区遵循不同的流动性提供政策。这转化为整个州银行倒闭的变化。我使用来自制造业普查的工厂级样本，发现银行业倒闭对实物产出下降造成的收入产生了负面影响。我发现对工厂一级的就业没有影响，而对县一级的就业则有很大的下降。
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