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- W3126110665 abstract "This paper develops a dynamic general equilibrium model with an essential role for an illiquid banking system to investigate output dynamics in the event of a banking crisis. In particular, it considers the ex-post efficient policy response to a banking crisis as part of the dynamic equilibrium analysis. It is shown that the trajectory of real output following a panic episode crucially depends on the cost of converting long-term assets into liquid funds. For small values of the liquidation cost, the recession associated with a banking panic is protracted as a result of the premature liquidation of a large fraction of productive banking assets to respond to a panic. For intermediate values, the recession is more severe but short-lived. For relatively large values, the contemporaneous decline in real output in the event of a panic is substantial but followed by a vigorous rebound in real activity above the long-run level." @default.
- W3126110665 created "2021-02-01" @default.
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- W3126110665 date "2017-07-24" @default.
- W3126110665 modified "2023-09-27" @default.
- W3126110665 title "Banking Panics and Output Dynamics" @default.
- W3126110665 hasPublicationYear "2017" @default.
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