Optimal Diamond–Dybvig mechanism in large economies with aggregate uncertainty

This paper characterizes the direct mechanism which implements the constrained optimal outcome in a version of Diamond and Dybvig (1983) with aggregate uncertainty and a continuum of agents. Using this result, numerical examples where the best direct mechanism has a bank-run-equilibrium are easily obtained.

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Year of publication:	2014
Authors:	Sultanum, Bruno
Published in:	Journal of Economic Dynamics and Control. - Elsevier, ISSN 0165-1889. - Vol. 40.2014, C, p. 95-102
Publisher:	Elsevier
Subject:	Diamond–Dybvig model \| Bank-run \| Deposit contracts

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Type of publication:	Article
Classification:	D82 - Asymmetric and Private Information ; E58 - Central Banks and Their Policies ; G21 - Banks; Other Depository Institutions; Mortgages
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010744177