A Macroeconomic Model with Financial Panics

Mark Gertler, Nobuhiro Kiyotaki, Andrea Prestipino

NBER Working Paper No. 24126
Issued in December 2017

---- Acknowledgments ----

The views expressed in this paper are solely those of the authors and do not necessarily reflect those of the Board of Governors of the Federal Reserve, the Federal Reserve System, or National Bureau of Economic Research. We thank for their helpful comments Frederic Boissay, Pat Kehoe, John Moore as well as participants in various seminars and conferences. Financial support from the National Science Foundation and the Macro Financial Modeling group at the University of Chicago is gratefully acknowledged.

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