This paper surveys literature which explores the possible links between the financial system and aggregate economic behavior. The survey is in two parts: The first reviews the traditional work and the second discusses new research.

Mark L. Gertler

English

Research Papers in Economics

A Framework for Monetary and Banking Analysis,&quot;

A Model of Insurance Markets with Incomplete Information,&quot;

A Model of Reserves, Bank Runs, and Deposit Insurance,&quot;

A Monetary History of The United States: 1867—1960,

A New Theory of Aggregate Supply&quot;,

A Walrasian Theory of Markets .iith Adverse Selection,&quot;

Agency Costs, Collateral, and Business Fluctuations&quot;, NBER working paper no.

and Prices in a Real Business Cycle,&quot;

Arrow-Oebreu Programs as Microfoundations for Macroeconomics,&quot;

Bank Deregulation, Credit Markets and the Control of Capital,&quot;

Bank Failures, and Credit Crunches: Lessons from the Great Depression in Canada,&quot;

Bank Loans and Information Accumulation,&quot;

Bank Panics, Suspension and Geography Some Notes on the 'Contagion of Fear' in Banking,&quot; Carnegie-Mellon University,

Bank Runs, Deposit Insurance, and Liquidity,&quot;

Banking and Macroeconomic Equilibrium&quot;, In New Approaches to Monetary Economics, edited by

Banking in the Theory of Finance,&quot;

Borrowing Constraints and Aggregate Economic Activity,&quot;

Check Clearing, Banking Panics, and the Structure of the Banking Industry,&quot;

Comparison of Interwar and Postwar Business Cycles Monetarisum Reconsidered,&quot;

Consumption and Liquidity Constraints: An Empirical Investigation,&quot;

Corporate Financing and Investment Decisions Wh€ Firms Have Information that Investors Do Not Have&quot;,

Credit Commitments and Credit Rationing,&quot;

Credit Rationing and Corporate Investment,

Credit Rationing and Effective Supply Failures,'

Credit Rationing, Moral Hazard, and Noisy Signalling,&quot;

Debt and Economic Activity in the United States.'

Debt, The Threat to Economic and Financial Stability&quot;. Economic Review, Federal Reserve Bank of Kansas City,

Do Equilibrium Real Business Cycle Theories Explain Post War Business Cycles?&quot;, in &quot;NBER Macroeconomics Annual&quot;, edited by Stanley Fischer,

Equilibrium in Competitive Insurance Markets An Essay on the Economics of Imperfect Information,&quot;

Financial Aspects of Economic Development,&quot;

Financial Fragility and Economic Performance&quot;,

Financial Intermediaries and the Logical Structure of Monetary Theory,&quot;

Financial Intermediary—Coalitions&quot;,

Financial Intermediation and Delegated Monitoring&quot;,

Financial Intermediation and the Effectiveness of Monetary Control,&quot; American Economic Review,

Financial Structure and Development,

Financial Structure and Economic Activity,&quot;

Financing Constraints and Corporate Investment,&quot; Northwestern University,

Government any Role in Money,'

Imperfect Information and Credit Rationing,'

Imperfect Information, Multiple Loan Markets, and Credit Rationing&quot;,

Implicit Contracts with Asymmetric Information and Bankruptcy: The Effect of Interest Rates on Layoffs&quot;,

In The American Economy in Transition edited by Martin Feldstein,

Incentive Effects of Terminations: Applications to Credit and Labor Markets,&quot;

Incentive-Compatible Debt Contracts I: The One-Period Problem&quot;,

Informational Asymmetries, Financial Structure, and Financial Intermediation,&quot;

Informational Imperfections in the Capital Market and Macroeconomic Fluctuations&quot;,

Investment, Liquidity and Monetary Policy,&quot;

Keynes and the 'Classics' A Suggested Interpretation&quot;

Keynesian Models of Recession and Depression,&quot; American Economic Review

Lending and the Smoothing of Uninsurable Income,&quot;

Limited Information, Credit Rationing, and Government Lending Policy&quot;,

Liquidity Preference and the Theory of Interest arid Money&quot;,

Loan Commitments and Credit Demand Uncertainty&quot;,

Loan Sales and the Cost of Capital,&quot;

Monetary Factors in the Great Depression,&quot;

Monetary Policy in Evolutionary Disequilibrium,&quot; Social Systems Research Institute Working Paper #8506,

Money and Contracts,&quot;

Money Credit Constraints, and Economic Activity,'

Money, Income and Causality&quot;,

Non—Monetary Effects of the Financial Crisis in the Propogation of the Great Depression,&quot;

Optimal Auditing, Insurance, and Redistribution,&quot;

Optimal Contracts and Competitive Markets with Costly State Verification,&quot;

Optimal Contracts, and Equilibrium Credit Rationing,

Optimal Financial Structure in Exchange Economies,&quot;

Output and the Price Level in the United States,&quot;

Panics, and Crashes,

Portfolio Risks and Bank Asset Choice,&quot;

Post Hoc Ergo Propter Hoc&quot;,

Preference Shocks, Liquidity and Central Bank Policy&quot;. In New Approaches to Monetary Economics, edited by

Private information and Limited Insurance: The Revelation Principle Extended,&quot;

Private Information, Deposit Insurance Rates, and the 'Stability' of the Banking System,&quot;

Resource Allocation under Asyn,metric Information,&quot;

S .,&quot;Alternative Explanations of the Money/Income Correlation,&quot; mimeo,

Screening vs. Rationing in Credit Markets with Imperfect Information,&quot; American Economic Review

Some Evidence on the Uniqueness of Bank Loans&quot;,

Some Recent Developments in the Theory of Competition in Markets with Adverse Selection,&quot;

Some Skeptical Observations on Real Business Cycle Theory,&quot; Minneapolis Federal Reserve Bank Quarterly Review,

Tax Policy and Investment Behavior,&quot;

The Allocation of Credit and Financial Collapse,&quot;

The Causes of Free Bank Failures A Detailed Examination,&quot;

The Cost of Capital, Corporation Finance and the Theory of Investment,&quot;

The Farm Debt Crisis and Public Policy&quot;, Brookings Papers on Economic Activjy,

The Household Balance Sheet and the Great Depression&quot;,

The Market for Lemons: Qualitative Uncertainty and the Market Mechanism&quot;,

The Mechanisms of the Business Cycle in the Postwar Era&quot; edited by Robert Gordon, The American Business Cycle: Continuity and Change,

The Theory of Contracts,&quot; MIT,

The Trade Cycle. Economist (Rotterdam). Reprinted

Theory Ahead of Measurement,&quot; Minneapolis Federal Reserve Bank Quarterly Review,

Theory of Business Enterprise,&quot; Charles Scribner's Sons,

Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,'

Three Essays on Asymmetric Information and Financial Contractirg,

Tobin's Q and Financial Policy,&quot;

Too Much Investment: A Problem of Asymmetric 44 Information&quot;,

Transmission: Through Bank Loans, or Bank Liabilities?,&quot; mimeo,

What's Different About Banks?,&quot;

Zvi Eckstein and Dan Peled, &quot;Competitive Banking with Confidence Crisis and International Borrowing,&quot; Carnegie—Mellon University,

Financial Structure and Aggregate Economic Activity: An Overview

Financial Structure and Aggregate Economic Activity: An Overview

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