Economic Review 98, September 2008, 1476-1516. Bernanke, Ben S. Essays on the Great Depression. Princeton University Press, 2000. Gorton, Gary and Andrew Metrick, “Securitized Banking and the Run on Repo,” Yale ICF Working Paper No. 09-14. Gorton, Gary and Andrew Metrick, “Haircuts,” Yale ICF Working Paper No

g system," and the features of the financial contracts that suffered runs, are well described by Darrell Duffie (2010a, 201013) and Gary Gorton and Andrew Metrick (2012). Duffle shows how the contract structures of the shadow banking system have the same run- inducing features as conventional uninsured bank de