(2013), “Monetary policy in a fragmented world”, speech delivered at Oesterreichische Nationalbank 41st Economics Conference: “A Changing Role for Central Banks?” http://www.ecb.europa.eu/press/key/ date/2013/html/sp130610.en.html. 4  See Gertler, M. and Karadi, P. (2011), “A model of unconventional monetary policy”, Journal of Monetary Economics, Elsevier, vol. 58(1), January, pp.
17–34, and Gertler, M. and Kiyotaki, N. (2010), “Financial intermediation and credit policy in business cycle analysis”, in Friedman, B.M. and Woodford, M. (eds. ), Handbook of Monetary Economics, Vol. 3, pp. 547–599. BIS central bankers’ speeches  3  documented. The experience of bank runs is far from unprecedented.