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Systemic banking panics, liquidity risk, and monetary policy
Systemic banking panics, liquidity risk, and monetary policy.
Systemic Banking Panics, Liquidity Risk, and Monetary Policy
The two key ingredients that give rise to multiple equilibria are liquidity risk à la Diamond and Dybvig (1983) and debt deflation in the spirit of Fisher (1933).2 During crises, banks do not function well, and thus households fly to money and away from less liquid assets to self-insure against liquidity risk.
combination of liquidity risk and runs at t = 1 implies that illiquid physical capital loses value in comparison to money, and thus its nominal price drops.
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