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Economic Quarterly

First Quarter 2010

Introduction to the Special Issue on the Diamond-Dybvig Model

Edward S. Prescott

This special issue of the Economic Quarterly is dedicated to the 1983model of bank runs developed by Douglas Diamond and PhilipDybvig. Their model has been a workhorse of banking research overthe last 25 years and during the recent financial crisis it has been one thatresearchers and policymakers consistently turn to when interpreting financialmarket phenomena.

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