NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Market Responses to the Panic of 2008

Casey Mulligan, Luke Threinen

NBER Working Paper No. 14446
Issued in October 2008

---- Acknowledgements -----

This is an interim report on on-going research, and undoubtedly contains inadvertent errors. Many of the numerical calculations here are best interpreted as estimates of order-of-magnitude. Readers who would like to see a more polished report may want to wait a few months until we have had more time to digest these findings, and to replace some of the approximations with more precise estimates. For the others, we will provide updates and corrections on Mulligan's blog www.panic2008.net. We appreciate the many comments and conversations on this subject since September 2008, including (but not limited to) those from Fernando Alvarez, Gary Becker, John Haskell, Kevin Murphy, David Shipley, Chris Suellentrop, University of Chicago students, and persons entering comments on Mulligan's blog. The errors that remain are our own. 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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