Details about Bengt Holmstrom

Homepage:	http://economics.mit.edu/faculty/bengt
Workplace:	Economics Department, Massachusetts Institute of Technology (MIT), (more information at EDIRC)

Access statistics for papers by Bengt Holmstrom.

Last updated 2024-11-06. Update your information in the RePEc Author Service.

Short-id: pho488

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Working Papers

2020

1. The COVID-19 pandemic: a letter to G20 leaders
   LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library View citations (8)

2019

2. The Information View of Financial Crises
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
   See also Journal Article The Information View of Financial Crises, Annual Review of Financial Economics, Annual Reviews (2020) View citations (17) (2020)

2016

3. Interview with 2016 Economics Laureate Bengt Holmström
   Nobel Prize in Economics documents, Nobel Prize Committee
4. Pay for Performance and Beyond
   Nobel Prize in Economics documents, Nobel Prize Committee
   See also Journal Article Pay for Performance and Beyond, American Economic Review, American Economic Association (2017) View citations (8) (2017)

2015

5. Understanding the role of debt in the financial system
   BIS Working Papers, Bank for International Settlements View citations (37)

2014

6. Banks as Secret Keepers
   PIER Working Paper Archive, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania View citations (17)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2014) View citations (28)
   See also Journal Article Banks as Secret Keepers, American Economic Review, American Economic Association (2017) View citations (155) (2017)

2008

7. A Theory of Firm Scope
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
   See also Journal Article A Theory of Firm Scope, The Quarterly Journal of Economics, President and Fellows of Harvard College (2010) View citations (111) (2010)

2003

8. The State of U.S. Corporate Governance: What's Right and What's Wrong?
   Working Papers, The University of Chicago Booth School of Business, George J. Stigler Center for the Study of the Economy and the State View citations (6)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2003) View citations (74)
   See also Journal Article THE STATE OF U.S. CORPORATE GOVERNANCE: WHAT'S RIGHT AND WHAT'S WRONG?, Journal of Applied Corporate Finance, Morgan Stanley (2003) View citations (80) (2003)

2001

9. Corporate Governance and Merger Activity in the U.S.: Making Sense of the 1980s and 1990s
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (75)

1999

10. Managerial Incentive Problems: A Dynamic Perspective
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (574)
    See also Journal Article Managerial Incentive Problems: A Dynamic Perspective, The Review of Economic Studies, Review of Economic Studies Ltd (1999) View citations (611) (1999)

1998

11. LAPM: A Liquidity Based Asset Pricing Model
    Working papers, Massachusetts Institute of Technology (MIT), Department of Economics View citations (26)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1998) View citations (9)
    See also Journal Article LAPM: A Liquidity‐Based Asset Pricing Model, Journal of Finance, American Finance Association (2001) View citations (59) (2001)

1997

12. Moral Hazard and Observability
    Levine's Working Paper Archive, David K. Levine View citations (88)
    Also in LIDAM Reprints CORE, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) (1979) View citations (1452)
    See also Journal Article Moral Hazard and Observability, Bell Journal of Economics, The RAND Corporation (1979) View citations (1630) (1979)

1996

13. Private and Public Supply of Liquidity
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (15)
    Also in Working papers, Massachusetts Institute of Technology (MIT), Department of Economics (1996) View citations (11)
    See also Journal Article Private and Public Supply of Liquidity, Journal of Political Economy, University of Chicago Press (1998) View citations (1014) (1998)

1994

14. Financial Intermediation, Loanable Funds and the Real Sector
    Working papers, Massachusetts Institute of Technology (MIT), Department of Economics View citations (13)
    Also in IDEI Working Papers, Institut d'Économie Industrielle (IDEI), Toulouse (1994) View citations (9)
    See also Journal Article Financial Intermediation, Loanable Funds, and The Real Sector, The Quarterly Journal of Economics, President and Fellows of Harvard College (1997) View citations (2277) (1997)

1989

15. Agency Costs and Innovation
    Working Paper Series, Research Institute of Industrial Economics View citations (505)
    See also Journal Article Agency costs and innovation, Journal of Economic Behavior & Organization, Elsevier (1989) View citations (530) (1989)

1987

16. Short-Term Contracts and Long-Term Agency Relationships
    Working papers, Massachusetts Institute of Technology (MIT), Department of Economics View citations (21)
    See also Journal Article Short-term contracts and long-term agency relationships, Journal of Economic Theory, Elsevier (1990) View citations (171) (1990)

1986

17. The Theory of Contracts
    Working papers, Massachusetts Institute of Technology (MIT), Department of Economics View citations (106)

1985

18. Aggregation and Linearity in the Provision of Intertemporal Incentives
    Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University View citations (20)
    See also Journal Article Aggregation and Linearity in the Provision of Intertemporal Incentives, Econometrica, Econometric Society (1987) View citations (1100) (1987)

1984

19. Managerial Incentives and Capital Management
    Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University View citations (2)
    See also Journal Article Managerial Incentives and Capital Management, The Quarterly Journal of Economics, President and Fellows of Harvard College (1986) View citations (196) (1986)

1982

20. Managerial Incentives, Investment and Aggregate Implications, Part I: Scale Effects
    Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science View citations (1)

1981

21. A Theory of Wage Dynamics
    Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science View citations (27)
    See also Journal Article A Theory of Wage Dynamics, The Review of Economic Studies, Review of Economic Studies Ltd (1982) View citations (397) (1982)
22. Efficient and Durable Decision Rules with Incomplete Information
    Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science View citations (4)
    See also Journal Article Efficient and Durable Decision Rules with Incomplete Information, Econometrica, Econometric Society (1983) View citations (350) (1983)
23. Moral Hazard in Teams
    Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science View citations (2)
    See also Journal Article Moral Hazard in Teams, Bell Journal of Economics, The RAND Corporation (1982) View citations (1442) (1982)

1980

24. Contractural Models of the Labor Market
    Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science View citations (2)
    See also Journal Article Contractual Models of the Labor Market, American Economic Review, American Economic Association (1981) View citations (20) (1981)
25. Equilibrium Long-Term Labor Contracts
    Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science View citations (8)
26. On The Theory of Delegation
    Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science View citations (9)

1979

27. Design of Incentive Schemes and the New Soviet Incentive Model
    Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science View citations (1)
    See also Journal Article Design of incentive schemes and the new Soviet Incentive model, European Economic Review, Elsevier (1982) View citations (14) (1982)

Journal Articles

2021

1. IESE ECGI CONFERENCE ON CORPORATE PURPOSE: Can Purpose Deliver Better Corporate Governance?
   Journal of Applied Corporate Finance, 2021, 33, (2), 41-94

2020

2. The Information View of Financial Crises
   Annual Review of Financial Economics, 2020, 12, (1), 39-65 View citations (17)
   See also Working Paper The Information View of Financial Crises, NBER Working Papers (2019) View citations (8) (2019)

2017

3. Banks as Secret Keepers
   American Economic Review, 2017, 107, (4), 1005-29 View citations (155)
   See also Working Paper Banks as Secret Keepers, PIER Working Paper Archive (2014) View citations (17) (2014)
4. Pay for Performance and Beyond
   American Economic Review, 2017, 107, (7), 1753-77 View citations (8)
   See also Working Paper Pay for Performance and Beyond, Nobel Prize in Economics documents (2016) (2016)

2010

5. A Theory of Firm Scope
   The Quarterly Journal of Economics, 2010, 125, (2), 483-513 View citations (111)
   See also Working Paper A Theory of Firm Scope, NBER Working Papers (2008) View citations (4) (2008)

2008

6. Commentary: the panic of 2007
   Proceedings - Economic Policy Symposium - Jackson Hole, 2008, 263-273

2003

7. THE STATE OF U.S. CORPORATE GOVERNANCE: WHAT'S RIGHT AND WHAT'S WRONG?
   Journal of Applied Corporate Finance, 2003, 15, (3), 8-20 View citations (80)
   See also Working Paper The State of U.S. Corporate Governance: What's Right and What's Wrong?, Working Papers (2003) View citations (6) (2003)

2002

8. Domestic and International Supply of Liquidity
   American Economic Review, 2002, 92, (2), 42-45 View citations (11)

2001

9. Corporate Governance and Merger Activity in the United States: Making Sense of the 1980s and 1990s
   Journal of Economic Perspectives, 2001, 15, (2), 121-144 View citations (152)
10. LAPM: A Liquidity‐Based Asset Pricing Model
    Journal of Finance, 2001, 56, (5), 1837-1867 View citations (59)
    See also Working Paper LAPM: A Liquidity Based Asset Pricing Model, Working papers (1998) View citations (26) (1998)

2000

11. Liquidity and Risk Management
    Journal of Money, Credit and Banking, 2000, 32, (3), 295-319 View citations (85)

1999

12. Managerial Incentive Problems: A Dynamic Perspective
    The Review of Economic Studies, 1999, 66, (1), 169-182 View citations (611)
    See also Working Paper Managerial Incentive Problems: A Dynamic Perspective, NBER Working Papers (1999) View citations (574) (1999)
13. The Firm as a Subeconomy
    The Journal of Law, Economics, and Organization, 1999, 15, (1), 74-102 View citations (148)

1998

14. Private and Public Supply of Liquidity
    Journal of Political Economy, 1998, 106, (1), 1-40 View citations (1014)
    See also Working Paper Private and Public Supply of Liquidity, NBER Working Papers (1996) View citations (15) (1996)
15. The Boundaries of the Firm Revisited
    Journal of Economic Perspectives, 1998, 12, (4), 73-94 View citations (301)

1997

16. Financial Intermediation, Loanable Funds, and The Real Sector
    The Quarterly Journal of Economics, 1997, 112, (3), 663-691 View citations (2277)
    See also Working Paper Financial Intermediation, Loanable Funds and the Real Sector, Working papers (1994) View citations (13) (1994)

1996

17. Financing of Investment in Eastern Europe: A Theoretical Perspective
    Industrial and Corporate Change, 1996, 5, (2), 205-37 View citations (16)
18. Modeling Aggregate Liquidity
    American Economic Review, 1996, 86, (2), 187-91 View citations (29)

1995

19. Internal Labor Markets: Too Many Theories, Too Few Facts
    American Economic Review, 1995, 85, (2), 255-59 View citations (56)

1994

20. The Firm as an Incentive System
    American Economic Review, 1994, 84, (4), 972-91 View citations (566)
21. The Internal Economics of the Firm: Evidence from Personnel Data
    The Quarterly Journal of Economics, 1994, 109, (4), 881-919 View citations (432)
22. The Wage Policy of a Firm
    The Quarterly Journal of Economics, 1994, 109, (4), 921-955 View citations (390)

1993

23. Hierarchies and compensation: A case study
    European Economic Review, 1993, 37, (2-3), 366-378 View citations (66)
24. Market Liquidity and Performance Monitoring
    Journal of Political Economy, 1993, 101, (4), 678-709 View citations (608)

1992

25. To The Raider Goes The Surplus? A Reexaminationof the Free‐Rider Problem
    Journal of Economics & Management Strategy, 1992, 1, (1), 37-62 View citations (66)

1991

26. Multitask Principal-Agent Analyses: Incentive Contracts, Asset Ownership, and Job Design
    The Journal of Law, Economics, and Organization, 1991, 7, 24-52 View citations (2072)
27. Transfer Pricing and Organizational Form
    The Journal of Law, Economics, and Organization, 1991, 7, (2), 201-28 View citations (114)

1990

28. Short-term contracts and long-term agency relationships
    Journal of Economic Theory, 1990, 51, (1), 1-31 View citations (171)
    See also Working Paper Short-Term Contracts and Long-Term Agency Relationships, Working papers (1987) View citations (21) (1987)

1989

29. Agency costs and innovation
    Journal of Economic Behavior & Organization, 1989, 12, (3), 305-327 View citations (530)
    See also Working Paper Agency Costs and Innovation, Working Paper Series (1989) View citations (505) (1989)

1987

30. Aggregation and Linearity in the Provision of Intertemporal Incentives
    Econometrica, 1987, 55, (2), 303-28 View citations (1100)
    See also Working Paper Aggregation and Linearity in the Provision of Intertemporal Incentives, Cowles Foundation Discussion Papers (1985) View citations (20) (1985)
31. On the Duration of Agreements
    International Economic Review, 1987, 28, (2), 389-406 View citations (40)

1986

32. Managerial Incentives and Capital Management
    The Quarterly Journal of Economics, 1986, 101, (4), 835-860 View citations (196)
    See also Working Paper Managerial Incentives and Capital Management, Cowles Foundation Discussion Papers (1984) View citations (2) (1984)

1985

33. Managerial Incentives, Investment and Aggregate Implications: Scale Effects
    The Review of Economic Studies, 1985, 52, (3), 403-425 View citations (17)

1983

34. Efficient and Durable Decision Rules with Incomplete Information
    Econometrica, 1983, 51, (6), 1799-819 View citations (350)
    See also Working Paper Efficient and Durable Decision Rules with Incomplete Information, Discussion Papers (1981) View citations (4) (1981)
35. Microeconomic Developments and Macroeconomics
    American Economic Review, 1983, 73, (2), 223-27 View citations (2)

1982

36. A Theory of Wage Dynamics
    The Review of Economic Studies, 1982, 49, (3), 315-333 View citations (397)
    See also Working Paper A Theory of Wage Dynamics, Discussion Papers (1981) View citations (27) (1981)
37. Design of incentive schemes and the new Soviet Incentive model
    European Economic Review, 1982, 17, (2), 127-148 View citations (14)
    See also Working Paper Design of Incentive Schemes and the New Soviet Incentive Model, Discussion Papers (1979) View citations (1) (1979)
38. Moral Hazard in Teams
    Bell Journal of Economics, 1982, 13, (2), 324-340 View citations (1442)
    See also Working Paper Moral Hazard in Teams, Discussion Papers (1981) View citations (2) (1981)

1981

39. Contractual Models of the Labor Market
    American Economic Review, 1981, 71, (2), 308-13 View citations (20)
    See also Working Paper Contractural Models of the Labor Market, Discussion Papers (1980) View citations (2) (1980)

1980

40. DISCUSSION OF ECONOMICALLY OPTIMAL PERFORMANCE EVALUATION AND CONTROL-SYSTEMS
    Journal of Accounting Research, 1980, 18, 221-226 View citations (1)
41. The Cost of Capital in Nonmarketed Firms
    The Quarterly Journal of Economics, 1980, 95, (4), 765-773 View citations (1)
42. The Investment Banking Contract for New Issues under Asymmetric Information: Delegation and the Incentive Problem
    Journal of Finance, 1980, 35, (5), 1115-38 View citations (85)

1979

43. Groves' Scheme on Restricted Domains
    Econometrica, 1979, 47, (5), 1137-44 View citations (94)
44. Moral Hazard and Observability
    Bell Journal of Economics, 1979, 10, (1), 74-91 View citations (1630)
    See also Working Paper Moral Hazard and Observability, Levine's Working Paper Archive (1997) View citations (88) (1997)

Books

2019

1. Suomen kasvu (Finnish Economic Growth)
   ETLA B, The Research Institute of the Finnish Economy

2013

2. Inside and Outside Liquidity, vol 1
   MIT Press Books, The MIT Press View citations (3)
   Also in MIT Press Books, The MIT Press (2011) View citations (242)
   MIT Press Books, The MIT Press (2011) View citations (114)

2007

3. The Nordic Model. Embracing globalization and sharing risks
   ETLA B, The Research Institute of the Finnish Economy View citations (41)

Undated

4. Nordics in Global Crisis. Vulnerability and resilience
   ETLA B, The Research Institute of the Finnish Economy View citations (14)

Chapters

2010

1. Comment on "The Credit Rating Crisis"
   A chapter in NBER Macroeconomics Annual 2009, Volume 24, 2010, pp 215-222 View citations (1)

1989

2. The theory of the firm
   Chapter 02 in Handbook of Industrial Organization, 1989, vol. 1, pp 61-133 View citations (238)