History of Economic Thoughts

Working Papers
Blickle, Kristian, Markus K. Brunnermeier, and Stephan Luck. “Micro-Evidence From a System-Wide Financial Meltdown: The German Crisis of 1931”. (Working Papers). Web. Publisher's VersionAbstract
This paper studies  a major financial panic, the run on the German banking system in 1931, to distinguish between banking theories that view depositors as demanders of liquidity and those that view them as providers of discipline.
Our empirical approach exploits the fact that the German Crisis of 1931 was system-wide with cross-sectional variation in deposit flows as well as bank distress and took place in absence of a deposit insurance scheme.
We find that interbank deposit flows predict subsequent bank distress early on. In contrast, wholesale depositors are more likely to withdraw from distressed banks at later stages of the run and only after the interbank market has started to collapse. Retail deposits are---despite the absence of deposit insurance---largely stable. Our findings emphasize the heterogeneity in depositor roles, with discipline being best provided through the interbank market.
bankrun_germany1931_slides.pdf
2016
The Euro and the Battle of Ideas
Brunnermeier, Markus K, Harold James, and Jean-Pierre Landau. The Euro and the Battle of Ideas. Princeton, NJ, USA: Princeton University Press, 2016. Web. Chapter 1:

Endorsements by Larry Summers (former US Treasury Secretary), Ben Bernanke (former Chairman of the US Fed), Wolfgang Schäuble (German Finance Minister) and Jean Tirole (Nobel Prize Laureate)