Abstract：
From the perspective of wholesale financial markets, using the balance sheet of commercial banks, the paper established a two-period model and analyzed by comparative statics the intrinsic mechanism of financial frictions magnified by the bank run, thus interpreted the relationship between financial frictions and macroeconomic fluctuations. The analysis shows that, the increasing financial frictions coming from the wholesale financial markets will influence macroeconomic fluctuations, and excessive connections of financial institutions will amplify the effect of a shock.
2016 
