A patient who had disabling supraventricular tachycardia showed electrophysiologic evidence of coexistent right and left Kent bundles. The supraventricular tachycardia was accelerated by sequential antegrade and retrograde conduction over the right and left Kent bundles, respectively. Spontaneous blocking of the conduction through the right Kent bundle was associated with a slowing of the tachy...

We study the Diamond-Dybvig [3] model as developed in Green and Lin [5] and Peck and Shell [7]. We dispense with the notion of a bank as a coalition of depositors. Instead, our bank is a self-interested agent with a technological advantage in recordkeeping. We examine the implications of the resulting agency problem for the design of bank contracts and the possibility of bank-run equilibria. Fo...

A general equilibrium model of a financial intermediary extends the model first introduced by D. Diamond and P. Dybvig (JPE, 1983) to an infinite-horizon environment. This extension enables the relationship between the real business cycle and the composition of assets held in the banking sector to be studied. As in the D-D model, the bank is an optimal financial intermediary coalition here. Mor...

Kent State had its beginning nearly a century ago. William S. Kent, a person of vision, donated 53 acres of farmland located on a hill overlooking a small town on the Cuyahoga River. He did so to establish a teacher education school in his community. When I visit various communities in my travels, I always ask, Why does this community or city exist? What is its reason for being? Kent exists bec...

We present sound and complete environmental bisimilarities for a variant of Dybvig et al.’s calculus of multi-prompted delimited-control operators with dynamic prompt generation. The reasoning principles that we obtain generalize and advance the existing techniques for establishing program equivalence in calculi with single-prompted delimited control. The basic theory that we develop is present...

T his special issue of the Economic Quarterly is dedicated to the 1983 model of bank runs developed by Douglas Diamond and Philip Dybvig.1 Their model has been a workhorse of banking research over the last 25 years and during the recent financial crisis it has been one that researchers and policymakers consistently turn to when interpreting financial market phenomena. The Diamond-Dybvig model h...

Towards quantifying the role of hydrogen bonding within amphiphile self-association and resultant aggregate formation. L. J. White, N. J. Wells, L. R. Blackholly, H. J. Shepherd, B. Wilson, G. P. Bustone, T. J. Runacres, and J. R. Hiscock a School of Physical Sciences, University of Kent, Park Wood Road, Canterbury, Kent, CT2 7NH, UK; Email: [email protected]; Tel: +44 (0)1227 823043. b Sc...

We prove that in competitive market economies with no insurance for idiosyncratic risks, agents will always overinvest in illiquid long term assets and underinvest in short term liquid assets. We take as our setting the seminal model of Diamond and Dybvig (1983), who first posed the question in a tractable model. We reach such a simple conclusion under mild conditions because we stick to the ba...