TY  - JOUR
AU  - Gertler, Mark
AU  - Kiyotaki, Nobuhiro
AU  - Prestipino, Andrea
TI  - A Macroeconomic Model with Financial Panics
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 24126
PY  - 2017
Y2  - December 2017
DO  - 10.3386/w24126
UR  - http://www.nber.org/papers/w24126
L1  - http://www.nber.org/papers/w24126.pdf
N1  - Author contact info:
Mark Gertler
Department of Economics
New York University
269 Mercer Street, 7th Floor
New York, NY 10003
Tel: 212/998-8931
Fax: 212/995-4186
E-Mail: mark.gertler@nyu.edu

Nobuhiro Kiyotaki
Department of Economics
Princeton University
Fisher Hall
Princeton, NJ 08544-1021
Tel: 609-258-4000
Fax: 609-258-6419
E-Mail: kiyotaki@princeton.edu

Andrea Prestipino
Federal Reserve System
Washington DC, 20551
Tel: (202) 475-7657
E-Mail: andrea.prestipino@frb.gov
AB  - 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.
ER  -