The Federal Reserve Act of 1913 divided Mississippi between the 6th (Atlanta) and 8th (St. Louis) Federal Reserve Districts. Before and during the Great Depression, these districts' policies differed. The Atlanta Fed championed monetary activism and the extension of credit to troubled banks. The St. Louis Fed adhered to the doctrine of real bills and eschewed expansionary initiatives. Outcomes differed across districts. In the 6th District, banks failed at lower rates than in the 8th District, particularly during the banking panic in the fall of 1930. The pattern suggests that discount lending reduced failure rates during periods of panic. Historical evidence and statistical analysis corroborates this conclusion.
New NBER affiliates are appointed through a highly competitive process that begins with a call for nominations in January. Candidates are evaluated based on their research records and their capacity to contribute to the NBER's activities by program directors and steering committees. New affiliates must hold primary academic appointments in North America. On January 1, 2020, there were 1,581 NBER-affiliated researchers based at 180 institutions.