We extend the benchmark model of Aghion and Blanchard (1994) assuming two segments of the emerging private sector that differ in workers’ productivity. We look at the paths of employment, wages, taxes, labor costs and profits during and after the transition, up until the shock is fully...

The aim of this study is to review what we know about depositors' behavior, using empirical observations and experimental data. I find that both fundamental problems and coordination failures between depositors explain depositors' behavior and therefore the emergence of bank runs. I show that...

The aim of this study is to review what we know about depositors' behavior, using empirical observations and experimental data. I find that both fundamental problems and coordination failures between depositors explain depositors' behavior and therefore the emergence of bank runs. I show that...