We were the unwanted, unneeded, and unseen, invisible to all but ourselves. Less than nothing, we also saw nothing as crouched blindly in unlit belly of our ark, 150 us sweating a space not meant for mammals fish sea. With waves driving from side side, spoke native tongues. For some, this prayer; others, curses. When change motion shuttled vessel more forcefully, one few sailors among whispered...

In a crisis, regulators and private investors can find it difficult, if not impossible, to tell whether banks facing runs are insolvent or merely illiquid. We introduce such an information constraint into global-games-based bank run model with multiple aggregate uncertainties. The creates vicious cycle between contagious falling asset prices limits the effectiveness of traditional emergency liq...