fluctuations generate a balance sheet channel, is used to rationalize the evidence. A monetary expansion increases bank leverage …

framework in which fractional reserve banks emerge in equilibrium, where bank assets are funded with liabilities made demandable … in government money, where the terms of bank deposit contracts are affected by the liquidity insurance available in … financial markets, where banks are subject to runs, and where a central bank has a meaningful role to play, both in terms of …

dimension along which one can identify structural shocks and perform hypothesis tests. We provide an application to bank runs … and non-insured banks) and across variables (as in macro SVARs). We thus (i) identify bank runs, (ii) quantify the … promise for the approach and has strong policy implications. -- Identification ; SVAR ; panel-VAR ; Heterogeneity ; bank run …

imperfectly elastic supply of bank equity stemming from financial market segmentation. In our model, equity is costly and serves … and the design of bank stress testing. …