| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19129 |
| 来源ID | Working Paper 19129 |
| Banking, Liquidity and Bank Runs in an Infinite-Horizon Economy | |
| Mark Gertler; Nobuhiro Kiyotaki | |
| 发表日期 | 2013-06-13 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We develop a variation of the macroeconomic model with banking in Gertler and Kiyotaki (2011) that allows for liquidity mismatch and bank runs as in Diamond and Dybvig (1983). As in Gertler and Kiyotaki, because bank net worth fluctuates with aggregate production, the spread between the expected rates of return on bank assets and deposits fluctuates counter-cyclically. However, because bank assets are less liquid than deposits, bank runs are possible as in Diamond and Dybvig. Whether a bank run equilibrium exists depends on bank balance sheets and an endogenously determined liquidation price for bank assets. While in normal times a bank run equilibrium may not exist, the possibility can arise in a recession. We also analyze the effects of anticipated bank runs. Overall, the goal is to present a framework that synthesizes the macroeconomic and microeconomic approaches to banking and banking instability. |
| 主题 | Macroeconomics ; Money and Interest Rates |
| URL | https://www.nber.org/papers/w19129 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576803 |
| 推荐引用方式 GB/T 7714 | Mark Gertler,Nobuhiro Kiyotaki. Banking, Liquidity and Bank Runs in an Infinite-Horizon Economy. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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