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Distinguished Speaker Nobuhiro Kiyotaki, Princeton University

Distinguished Speaker Nobuhiro Kiyotaki, Princeton University

Gerri C. LeBow Hall
3220 Market Street
Rm. 406
Philadelphia, PA 19104
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Dr. Kiyotaki will present A Macroeconomic Model with Financial Panics

This paper incorporates banks and banking panics within a conven-
tional macroeconomic framework to analyze the dynamics of a …nan-
cial crisis of the kind recently experienced. We are particularly inter-
ested in characterizing the sudden and discrete nature of the banking
panics as well as the circumstances that makes an economy vulnerable
to such panics in some instances but not in others. Having a conven-
tional macroeconomic model allows us to study the channels by which
the crisis a¤ects real activity and the e¤ects of policies in containing



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Who should attend?


  • Faculty
  • PhD


  • Economics