We make four contributions in this paper. First, we provide a core of macroeconomic time series usable for systematic research on China. Second, we document, through various empirical methods, the robust findings about striking patterns of trend and cycle. Third, we build a theoretical model...

We consider bank panic models in which, depending on the configuration of fundamentals, there can be a positive probability of a bank panic. A crucial assumption in these models is that new equity cannot enter in a panic. We quantify the importance of this assumption by computing the minimal...