Banking, Liquidity, and Bank Runs in an Infinite Horizon Economy
构建了一个无限期宏观经济模型，研究银行流动性错配和挤兑现象，发现挤兑均衡的存在取决于银行资产负债表和资产清算价格，衰退时更易发生，且挤兑预期即使未发生也有害。
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.