Bank Lending and Deposit Crunches during the Great Depression
研究发现大萧条期间，幸存银行因储户大规模提款而削减贷款，这种恐慌导致的贷款下降解释了1929-1932年商业银行贷款总量减少的三分之一，是银行倒闭影响的两倍多。
Bank distress was a defining feature of the Great Depression in the United States. Most banks, however, weathered the storm and remained in operation throughout the contraction. We show that surviving banks cut lending when depositors withdrew funds en masse during panics. This panic-induced decline in lending explains about one-third of the reduction in aggregate commercial bank lending between 1929 and 1932, more than twice as much as attributed to the failure of banks.