NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The 2007 Subprime Market Crisis Through the Lens of European Central Bank Auctions for Short-Term Funds

Nuno Cassola, Ali Hortacsu, Jakub Kastl

NBER Working Paper No. 15158
Issued in July 2009

---- Acknowledgements -----

We would like to thank Manuel Amador, Tim Bresnahan, Darrell Duffie, Liran Einav, Ken Hendricks, Nir Jaimovich, Seema Jayachandran, Jon Levin, Mike Ostrovsky, Monika Piazzesi, Martin Schneider, and seminar participants at 2009 NBER IO Group Winter Meetings, Utah WBEC, 5th MTS Conference on Financial Markets, 2009 Cowles Conference, Bank of Canada, Chicago, Montreal, NYU, Stanford, UCLA, UC Santa Cruz and Wisconsin for helpful comments. Hortacsu acknowledges financial support from the NSF (SES-0449625) and an Alfred P. Sloan fellowship. Kastl acknowledges financial support from the NSF (SES-0752860). The views expressed in this paper are our own and do not necessarily reflect the view of the European Central Bank or the National Bureau of Economic Research. All remaining errors are ours.

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