Bank Collapse and Depression
用萨缪尔森世代交叠模型解释19世纪银行恐慌和1930年代大萧条，指出银行信贷崩溃导致投资需求下降，并警示金融中介技术进步和放松管制可能带来风险。
The recurrent banking panics of the 19th century and the Great Depression of the 1930s are widely viewed as failures of our economic system. A simple version of Samuelson?s overlapping generations model is used to generate such failures of Walrasian equilibrium. The spontaneous ?panics? generated involve a collapse of bank credit, causing in turn a drop in investment demand. The model suggests that both the recent technological advances in the intermediation industry and the current move towards deregulation of that industry are ominous developments.