ARTICLE IN PRESS
SECTION 3
Financial-Real Connections
ARTICLE IN PRESS
ARTICLE IN PRESS
Wholesale Banking and Bank Runs
in Macroeconomic Modeling
of Financial Crises
M.
*
Gertler*,,{, N. Kiyotaki*,,{, A. Prestipino*,,{
NYU, New York, NY, United States
Princeton University, Princeton, NJ, United States
{
Federal Reserve Board of Governors, Washington, DC, United States
Contents
1. Introduction 1346
2. The Growth and Fragili ...


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