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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. Holmstrom 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.
The Journal of Economic Literature (JEL) began publication in 1969 under the auspices of the American Economic Association with quarterly issues appearing in March, June, September, and December. JEL contains survey and review articles, book reviews, an annotated bibliography of newly published books, and a list of current dissertations in North American universities.