reserves (or a banking panic) occurs endogenously. We show that while a discount window policy introduced by the LLR is welfare …

U.S. banking crisis of the 20th century. Our systemic risk measure captures both the credit risk of an individual bank … commercial banking system (i.e., the network’s topology) created more inherent fragility, but systemic risk was nevertheless … banking crisis that occurred between 1930{33 raised systemic risk per bank by 33% and increased the riskiness of the very …

There is a lively debate on the persistence of the current banking crisis' impact on GDP. Impulse Response Functions … estimation of IRFs by a methodology similar to Jorda's (2005) local projection method is robust to misspecifications of the data … banking crisis leads to an output loss of around 10 percent with little sign of recovery. GDP losses from banking crises are …