Period: | Free banking | SNB | Unregulated free banking | Regulated free banking | SNB |
|---|
Sample: | January 1875–May 1907 | June 1907–June 1914 | January 1875–March 1881 | April 1881–May 1907 | June 1907–June 1914 |
|---|
| | (1) | (2) | (3) | (4) | (5) |
|---|
Standard deviation | 0.799 | 0.688 | 0.736 | 0.816 | 0.688 |
Levene test | 11.60*** | 10.05*** |
- The discount rate is at a weekly frequency and refers to the data in Zurich as reported in Fig. 2. The total standard deviation across the sample with T observations between the beginning of January 1875 and the end of June 1914 equals 0.786. The Levene test is based on an analysis of variance (ANOVA) across G groups of the absolute difference from the mean (Levene, 1960). The test statistic is F-distributed with the number of degrees of freedom in the numerator equal to G, and \(T-G\) in the denominator. The null hypothesis is that the subgroup variances are equal. A rejection at the 10% level is marked by *, at the 5% level by **, and at the 1% level by ***
