The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Banking, Liquidity, and Bank Runs in an Infinite Horizon Economy
Abstract
We develop an infinite horizon macroeconomic model of banking that allows for liquidity mismatch and bank runs. Whether a bank run equilibrium exists depends on bank balance sheets and an endogenous liquidation price for bank assets. While in normal times a bank run equilibrium may not exist, the possibility can arise in recessions. A run leads to a significant contraction in intermediation and aggregate economic activity. Anticipations of a run have harmful effects on the economy even if the run does not occur. We illustrate how the model can shed light on some key aspects of the recent financial crisis. (JEL E23, E32, E44, G01, G21, G33)
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Agency Costs, Net Worth, And Business Fluctuations
Bernanke, B., Gertler, M., Bernanke, B., & Gertler, M. (1988) · Unknown · doi:10.22004/ag.econ.292693 · Cited by 4,386
Self-citationCredit spreads and business cycle fluctuations
Gilchrist, S., & Zakrajšek, E. (2012) · American Economic Review · doi:10.1257/aer.102.4.1692 · Cited by 2,213
Cited by
Credit spreads and business cycle fluctuations
Gilchrist, S., & Zakrajšek, E. (2012) · American Economic Review · doi:10.1257/aer.102.4.1692 · Cited by 2,213
He, Z., & Krishnamurthy, A. (2013) · American Economic Review · doi:10.1257/aer.103.2.732 · Cited by 1,368
Deposit Competition and Financial Fragility: Evidence from the US Banking Sector
Egan, M., Hortaçsu, A., & Matvos, G. (2017) · American Economic Review · doi:10.1257/aer.20150342 · Cited by 435
The Macroeconomics of Shadow Banking
MOREIRA, A., & SAVOV, A. (2017) · The Journal of Finance · doi:10.1111/jofi.12540 · Cited by 265
Metadata
- Authors
- Gertler, M., & Kiyotaki, N.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2015-07-01
- Volume
- 105
- Issue
- 7
- Pages
- 2011-2043
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2156961915
- Cited by
- 475
- References
- 2
- FWCI
- 74.20
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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