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Was There a Note Issue Conundrum in the Free Banking Era?
The article focuses on the note issue paradox of American banking in the post-Civil War era. An overview of the conundrum is given, highlighting national bank behaviors inconsistent with profit-maximizing principles and ...
The Note Issue Paradox in the Free Banking Era
In recent years a number of papers have appeared offering explanations of the long-noted, long-unresolved note issue paradox in both the free and national banking eras. Some have argued that previous profit calculations ...