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1、INSIDEANDOUTSIDELIQUIDITYBengtHolmström1JeanTirole2August30,2010(editedversionforthcomingatMITPress)1MIT,bengt@mit.edu.2ToulouseSchoolofEconomics,jean.tirole@tse-fr.eu.OutlineOUTLINEAcknowledgementsProloguePARTI:BasicsofleverageandliquidityChapter1.Leverage.Chapter2.Asimplemodelofliquiditydeman
2、d.PARTII:CompletemarketsChapter3.Aggregateliquidityshortagesandliquiditypremia.Chapter4.ALiquidityAssetPricingModel(LAPM).PARTIII:PublicprovisionofliquidityChapter5.Publicprovisionofliquidityinaclosedeconomy.Chapter6.Istherestillscopeforpublicliquidityprovisionwhenfirmshaveaccesstoglobalcapitalm
3、arkets?PARTIV:WasteofliquidityandpublicpolicyChapter7.Financialmuscleandoverhoardingofliquidity.Chapter8Specializedinputsandsecondarymarkets.Epilogue:SummaryandconcludingthoughtsonthesubprimecrisisInsideandOutsideLiquidity1AcknowledgementsAcknowledgementsTheideaofwritingthisbookoninsideandoutsi
4、deliquiditystartedwhenwewereinvitedtogivetheWickselllecturesattheStockholmSchoolofEconomicsin1999.Wearegratefulforandhonoredbythisinvitation,whichgaveustheimpetusforthinkingmoredeeplyabouttheimplicationsoftheframeworkwedevelopedinthemid-1990s.Asusual,ourowncontributionbuildsontheshouldersofmany
5、others,fromtheclassicworksofWicksell,Keynes,Hicksonliquidityandgovernmentmacroeconomicpolicytothemoderncorporatefinanceliterature,whichwetakeasthefoundationforourmodelingapproach.Weareverygratefultothemanyresearcherswhoseworkiscitedhere,andapologizeforanyomissionwhich,wearecertain,willhavearisen
6、.Wehavebenefittedgreatlyfromtheinsightsandtheinputsofmanyresearchers:Jean-CharlesRochet,EmmanuelFarhi,GaryGortonandTriViDangwithwhomwehavecollaboratedonrelatedtopicsandwhohavegenerouslysharedtheirthoughtswithus;PabloKurlat,whoproof-readanearlyversionofthebookandprovidedexcellentresearchassistanc
7、e;IvanWerning,whocorrectedanerrorinour1998paper(seechapter3);ArvindKrishnamurthyforconstructivecriticismofearlierdraftsandDaronAcemoglu,TobiasAdrian,BrunoBiais,OlivierBlanchard,JeremyBulow,RicardoCaballero,DouglasDi-amond,GaryGort
