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First, there is only one real asset in Diamond and Dybvig, so it is difficult to use their model to analyze monetary injections.7 Second, the model of Diamond and Dybvig has exogenous asset returns and thus is typically interpreted as a partial equilibrium model of one bank.
The multiplicity of equilibria originates from two sources: a general equilibrium effect and a partial equilibrium effect.
The partial equilibrium effect originates from the interaction among depositors of a given bank b, and gives rise to the multiplicity within the set of bad equilibria.
Figure 3: Best response, partial equilibrium Figure 4: Best response, general equilibrium
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