Research that is more recent than that of Thornton and Bagehot has also provided formal support for the existence of financial panics and thereby support for the ideas of Bagehot. See, for example, Douglas W. Diamond and Philip H. Dybvig (1983), "Bank Runs, Deposit Insurance, and Liquidity," Journal of Political Economy, vol. 91 (3), pp. 401-19.
5  See, for instance, the analysis in Jeffrey C. Fuhrer and Brian F. Madigan (1997), "Monetary Policy When Interest Rates Are Bounded at Zero," Review of Economics and Statistics, vol. 79 (4), 573-85; and the work by David Reifschneider and John C. Williams (2000), "Three Lessons for Monetary Policy in a Low-Inflation Era," Journal of Money, Credit and Banking, vol. 32 (4, pt.