NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

A Theory of Liquidity and Regulation of Financial Intermediation

Emmanuel Farhi, Mikhail Golosov, Aleh Tsyvinski

NBER Working Paper No. 12959
Issued in March 2007

---- Acknowledgements -----

Golosov and Tsyvinski acknowledge support by the National Science Foundation. We thank Daron Acemoglu, Stefania Albanesi, Franklin Allen, Marios Angeletos, Ricardo Caballero, V.V. Chari, Ed Green, Christian Hellwig, Skander Van den Heuvel, Oleg Itskhoki, Bengt Holmstrom, Guido Lorenzoni, Chris Phelan, Bernard Salanie, Jean Tirole, Ivan Werning, and Ruilin Zhou for comments. We also thank the audiences at the Bank of Canada, Minneapolis Federal Reserve, Harvard, MIT, UT Austin, Wharton, and Society of Economic Dynamics for useful comments. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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