Tirole今年在ARE上连发两篇文章

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American Economic Review
February 2012 -- Vol. 102, No. 1

Jean Tirole(2012,Feb;AER)Overcoming Adverse Selection：How Public Intervention Can Restore Market Functioning102,1,29-59 Abstract [size=-1]The paper provides a first analysis of market jump starting and its two-way interaction between mechanism design and participation constraints. The government optimally overpays for the legacy assets and cleans up the market of its weakest assets, through a mixture of buybacks and equity injections, and leaves the firms with the strongest legacy assets to the market. The government reduces adverse selection enough to let the market rebound, but not too much, so as to limit the cost of intervention. The existence of a market imposes no welfare cost. Emmanuel Farhi;Jean Tirole(2012,Feb;AER)Collective Moral Hazard, Maturity Mismatch, and Systemic Bailouts102,1,60-93 Abstract [size=-1]The article shows that time-consistent, imperfectly targeted support to distressed institutions makes private leverage choices strategic complements. When everyone engages in maturity mismatch, authorities have little choice but intervening, creating both current and deferred (sowing the seeds of the next crisis) social costs. In turn, it is profitable to adopt a risky balance sheet. These insights have important consequences, from banks choosing to correlate their risk exposures to the need for macro-prudential supervision.

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关键词：Tirole Tiro role OLE ARE 连发 文章

牛人，不一般啊。

看过他两篇06年文章，Tirole论述问题宏观大气，确实非常有大师风范

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一定要得诺奖，不得也光耀千古。

绝对诺奖候选人之一。