Microbe outbreak panics Europe

Moral Panics and Video Games

Banking Panics and Protracted Recessions

This paper develops a dynamic theory of money and banking that explains why banks need to hold an illiquid portfolio to provide socially optimal transaction and liquidity services, opening the door to the possibility of equilibrium banking panics. Following a widespread liquidation of banking assets in the event of a panic, the banking portfolio consistent with the optimal provision of transact...

Another phocine distemper outbreak in Europe.

The seal population of Northern Europe was able to recover from the 1988 phocine distemper epidemic that killed about 18,000 seals. However, starting at the beginning of May 2002, unusually high mortality among harbor seals (Phoca vitulina) was noted on the shores of Anholt, an island off the east coast of Denmark. Since then, 182 of about 900 animals, both adult and juvenile, died with clinica...

Bank panics and scale economies ∗

A bank panic is an expectation-driven redemption event that results in a self-fulfilling prophecy of losses on demand deposits. From the standpoint of theory in the tradition of Diamond and Dybvig (1983) and Green and Lin (2003), it is surprisingly diffi cult to generate bank panic equilibria if one allows for a plausible degree of contractual flexibility. A common assumption employed in the st...

Complexity and Financial Panics Ricardo

During extreme financial crises, all of a sudden, the financial world that was once rife with profit opportunities for financial institutions (banks, for short) becomes exceedingly complex. Confusion and uncertainty follow, ravaging financial markets and triggering massive flight-to-quality episodes. In this paper we propose a model of this phenomenon. In our model, banks normally collect infor...