Should policy makers be prevented from bailing out investors in the event of a crisis? I study
this question in a model of financial intermediation with limited commitment. When a crisis …

The purpose of this paper is to discuss some of the models used in New Monetarist
Economics, which is our label for a body of recent work on money, banking, payments …

This paper provides a model of the view that the 2008 financial crisis is reminiscent of a
bank run, focussing on six stylized key features. In particular, core financial institutions have …

To date, cryptocurrency prices are volatile and many cryptocurrency developers have
adopted ad hoc approaches to stabilize their cryptocurrency price. When these currencies …

This essay articulates the principles and practices of New Monetarism, our label for a recent
body of work on money, banking, payments, and asset markets. We first discuss …

When policy makers have limited commitment power, self-fulfilling bank runs can arise as an
equilibrium phenomenon. We study how such banking panics unfold in a version of the …

Using discriminant analysis, we trace the US bank failures during the period from 2007 to
2010 to poor investment decisions and large exposure to systemic risk channels …

We report experimental evidence on the effect of observability of actions on bank runs. We
model depositors' decision-making in a sequential framework, with three depositors located …

We investigate how coordination requirement, measured by the coordination parameter,
affects the occurrence of miscoordination-based bank runs in controlled laboratory …

In this monograph, we review three branches of theoretical literature on financial crises. The
first deals with banking crises originating from coordination failures among bank creditors …