NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Subprime Panic

Gary B. Gorton

NBER Working Paper No. 14398
Issued in October 2008

---- Acknowledgements -----

This paper is a much shorter, somewhat revised, version of a paper entitled "The Panic of 2007," which was prepared for the Proceedings of a Symposium on "Maintaining Stability in a Changing Financial System," Federal Reserve Bank of Kansas City, Jackson Hole Conference, August 2008. See http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1255362 . For comments, suggestions, and assistance with data and examples on the Jackson Hole paper, I thank Geetesh Bhardwaj, Omer Brav, Adam Budnick, Jared Champion, Kristan Blake Gochee, Itay Goldstein, Ping He, Bengt Holmström, Lixin Huang, Matt Jacobs, Arvind Krishnamurthy, Tom Kushner, Bob McDonald, Hui Ou-Yang, Ashraf Rizvi, Geert Rouwenhorst, Hyun Shin, Marty Wayne, Axel Weber, and to those who wished to remain anonymous. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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