Strategic Complementarity

Too Big to Fail, Too Small to Survive: How Safer National Banks Undermine Regional Banks' Stability
This paper extends the framework of global game modeling and identifies a novel bank-run externality. Regulations strengthening large banks can inadvertently increase the fragility of smaller …
Redouane Elkamhi, Yilin (David) Yang
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What Quantity of Reserves Is Sufficient?
What quantity of reserves should the Fed supply to support effective monetary policy implementation and an efficient interbank payment system? To answer this question, I construct a model linking …
Yilin (David) Yang
PDF Cite Google Scholar Revise & Resubmit, JFE WFA 2022 Brattle Group Ph.D. Candidate Awards For Outstanding Research The BlackRock Applied Research Award 2021 (runner-up)
What Quantity of Reserves Is Sufficient?