diamond & dybvig (1983) on bank runs, deposit insurance and liquidity. The key to why bank runs have real economic effects is that they prevent the full value of multi-period investment assets from being realized, and the forced liquidation of assets.

foreshadowing, or more accurately, inspiring the current government response, is this paragraph:

"through its discount window, the Fed can, as a lender of last resort, provide a service similar to deposit insurance. The Fed would buy bank assets (with money creation) tax revenues at T=1 for prices greater than the assets liquidating value."