A Macroeconomic Model with Financial Panics

Mark Gertler, Nobuhiro Kiyotaki and Andrea Prestipino

No 24126, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper incorporates banks and banking panics within a conventional macroeconomic framework to analyze the dynamics of a financial crisis of the kind recently experienced. We are particularly interested in characterizing the sudden and discrete nature of the banking panics as well as the circumstances that makes an economy vulnerable to such panics in some instances but not in others. Having a conventional macroeconomic model allows us to study the channels by which the crisis affects real activity and the effects of policies in containing crises.

JEL-codes: E0 E44 (search for similar items in EconPapers)
Date: 2017-12
New Economics Papers: this item is included in nep-ban, nep-dge, nep-fdg, nep-mac and nep-mon
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Citations: View citations in EconPapers (28)

Published as Mark Gertler & Nobuhiro Kiyotaki & Andrea Prestipino, 2020. "A Macroeconomic Model with Financial Panics," The Review of Economic Studies, vol 87(1), pages 240-288.

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Related works:
Journal Article: A Macroeconomic Model with Financial Panics (2020)
Working Paper: A Macroeconomic Model with Financial Panics (2018)
Working Paper: A Macroeconomic Model with Financial Panics (2017)
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