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Journal of Economic Literature - Book Review

JEL Volume. 50, Issue 2 | leftPrevious Review Next Review right

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Book(s) Reviewed

Inside and Outside Liquidity by Bengt Holmstrom and Jean Tirole

Published By: Cambridge and London: MIT Press
ISBN: 978-0-262-01578-3
Date of Publication: 2011


Book Review Detail

Reviewed by: Arvind Krishnamurthy of Kellogg School of Management, Northwestern University and NBER
Review DOI: 10.1257/jel.50.2.513.r10
Review Pages: 529-32

Book Review Abstract

Arvind Krishnamurthy of Kellogg School of Management, Northwestern University and NBER reviews "Inside and Outside Liquidity" by Bengt Holmstrom and Jean Tirole. The EconLit abstract of the reviewed work begins: Explores the demand for, and supply of, liquid assets from a modern corporate finance perspective. Discusses leverage; a simple model of liquidity demand; aggregate liquidity shortages and liquidity premia; a liquidity asset pricing model; public provision of liquidity in a closed economy; liquidity provision with access to global capital markets; financial muscle and overhoarding of liquidity; and specialized inputs and secondary markets. Holmström is Paul A. Samuelson Professor of Economics at the Massachusetts Institute of Technology. Tirole is Scientific Director of the Institut d'Economie Industrielle and Chairman of the Board of the Toulouse School of Economics. Bibliography; index.


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Book Review Authors

Arvind Krishnamurthy of Kellogg School of Management, Northwestern University and NBER


JEL Classifications

G12: Asset Pricing; Trading volume; Bond Interest Rates
G15: International Financial Markets
G32: Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms


Journal of Economic Literature


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