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Introduction to the Special Issue on the Diamond-Dybvig Model

By Edward S. Prescott
Economic Quarterly
First Quarter 2010

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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