The regulatory framework of Basel III features joint requirements on bank capital and liquidity. I study such requirements by developing a general equilibrium model with bank runs in a global game framework. The model highlights the role of noisy information for studying liquidity and shows that...

This paper quantifies the role of alternative shocks in accounting for the recent declines in the Japanese saving rate and provides some projections about its future course. We consider three distinct sources of variation in the saving rate: changes in fertility rates, changes in survival rates,...