We would like to thank Darrell Duffie, Ken Hendricks, and especially Phil Haile for very detailed comments on an earlier draft. Comments from four anonymous referees and the editor led to further improvements in the manuscript. Manuel Amador, Tim Bresnahan, Estelle Cantillon, Liran Einav, Nir Jaimovich, Seema Jayachandran, Jon Levin, Mike Ostrovsky, Monika Piazzesi, Martin Schneider, Azeem Shaikh, and seminar participants at 2009 NBER IO Group Winter Meetings, Utah WBEC, 5th MTS Conference on Financial Markets, 2009 Cowles Conference, Bank of Canada, Carnegie Mellon, Chicago, ECB, ITAM, Montreal, NYU, Stanford, UCLA, UC Santa Cruz, and Wisconsin provided helpful feedback. Hortaçsu acknowledges financial support from NSF Grant SES-0449625 and an Alfred P. Sloan fellowship. Kastl acknowledges financial support from NSF Grant SES-1123314. The views expressed in this paper are our own and do not necessarily reflect the view of the European Central Bank. All remaining errors are ours.
The 2007 Subprime Market Crisis Through the Lens of European Central Bank Auctions for Short-Term Funds
Version of Record online: 26 JUL 2013
© 2013 The Econometric Society
Volume 81, Issue 4, pages 1309–1345, July 2013
How to Cite
Cassola, N., Hortaçsu, A. and Kastl, J. (2013), The 2007 Subprime Market Crisis Through the Lens of European Central Bank Auctions for Short-Term Funds. Econometrica, 81: 1309–1345. doi: 10.3982/ECTA9973
- Issue online: 26 JUL 2013
- Version of Record online: 26 JUL 2013
- Manuscript received April, 2011; final revision received November, 2012.
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