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1. What is a bank run? Why is it so difficult to stop? 2. Describe how the lender of last resort function of a central

1. What is a bank run? Why is it so difficult to stop?

2. Describe how the lender of last resort function of a central bank can reduce runs on banks.

3. Describe how a financial panic can lead to a loss of income and employment in sectors of the economy seemingly unrelated to the financial sector.

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