Replication data for: Banking, Liquidity, and Bank Runs in an Infinite Horizon Economy
Principal Investigator(s): View help for Principal Investigator(s) Mark Gertler; Nobuhiro Kiyotaki
Version: View help for Version V1
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Project Citation:
Gertler, Mark, and Kiyotaki, Nobuhiro. Replication data for: Banking, Liquidity, and Bank Runs in an Infinite Horizon Economy. Nashville, TN: American Economic Association [publisher], 2015. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E112923V1
Project Description
Summary:
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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)
Scope of Project
JEL Classification:
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E23 Macroeconomics: Production
E32 Business Fluctuations; Cycles
E44 Financial Markets and the Macroeconomy
G01 Financial Crises
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
G33 Bankruptcy; Liquidation
E23 Macroeconomics: Production
E32 Business Fluctuations; Cycles
E44 Financial Markets and the Macroeconomy
G01 Financial Crises
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
G33 Bankruptcy; Liquidation
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