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This approach not only is more consistent with the data but also creates novel policy results because monetary injections generate non-trivial general equilibrium effects on the amount of resources intermediated by the financial sector.
Models in which all banks become insolvent and deposits drop to zero in the bad equilibrium can only highlight general equilibrium effects of policy interventions that are strong enough to eliminate such an equilibrium.
My model can also highlight general equilibrium effects of monetary injections that increase deposits without eliminating the bad equilibrium, and even effects that reduce banks' deposits, which in turn weaken the effectiveness of such monetary injections.
In addition, this result creates an indirect general equilibrium effect.
The multiplicity of equilibria originates from two sources: a general equilibrium effect and a partial equilibrium effect.
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