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Our most academic publication offers research and surveys on monetary policy, national and international developments, banking, and more. The content is written for an economically informed readership—from the undergraduate student to the PhD.


Vol. 92, No. 6 (Posted 2010-11-01)

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by Gary Gorton and Andrew Metrick

"When confidence is lost, liquidity dries up." The authors investigate the meaning of "confidence" and "liquidity" in the context of the recent financial crisis, which they maintain is a manifestation of an age-old problem with private money creation: banking panics.

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