The Dynamics of Deposit Flightiness and its Impact on Financial Stability

We thank Viral Acharya, Juliane Begenau, Markus Brunnemeier, Kent Daniel, Darrell Duffie, Itay Goldstein, Gregor Matvos, Arvind Krishnamurthy, Guillermo Ordonez, Tomek Piskorski, Adi Sunderam, Dominik Supera, Suresh Sundaresan, Olivier Wang, Kairong Xiao, Yao Zeng for helpful conversations and suggestions. We also thank seminar participants at Bank of England, Baruch College, Beijing University, Berkeley Haas, Bundesbank, Federal Reserve Board, FDIC, HEC Lausanne and Swiss Finance Institute, HEC Paris, Kansas Fed, London School of Economics, New York Fed, Ohio State, and conference participants at Bank of England Annual Research Conference, CEBRA 2024, Colorado Finance Summit, ECB Money Market Conference, Michigan Mitsui Life Symposium: New Frontiers in Financial Intermediation, NBER Summer Institute, Princeton Macro-finance Conference, SFS Calvacade, Short-term Funding Market Conference, UCLA, and Wharton Conference on Liquidity and Financial Fragility. We thank Junyi Hu and Evan Perry for excellent research assistance. The views expressed here are those of the authors and do not necessarily represent those of the Federal Reserve Bank of New York, any other member of the Federal Reserve System, or the National Bureau of Economic Research.