The Welfare Costs of Self‐Fulfilling Bank Runs
研究自我实现的银行挤兑和流动性要求对福利的影响，发现挤兑的福利成本相当于美国GDP的2.3%消费损失，而流动性要求可能使成本增加2.4%。
Abstract We study the welfare implications of self‐fulfilling bank runs and liquidity requirements, in a growth model where banks, facing persistent possible runs, can choose in any period a run‐proof asset portfolio. In this framework, runs distort banks' insurance provision against idiosyncratic shocks, and liquidity requirements resolve this distortion at the cost of a credit tightening. Quantitatively, the welfare costs of self‐fulfilling bank runs are equivalent to a constant consumption loss of up to 2.3% of U.S. GDP. Liquidity requirements might increase these welfare costs by up to 2.4%.