Publications

Featured Papers

Banks As Secret Keepers
Tri Vi Dang, Gary Gorton, Bengt Holmström and Guillermo Ordonez
2017, American Economic Review, 107(4): 1005–1029

Nobel Prize Lecture: Pay for Performance and Beyond
Bengt Holmström
2016; also, American Economic Review, 107 (7): 1753-77, 2017

Understanding the Role of Debt in the Financial System
Bengt Holmstrom
2015, Bank for International Settlements Working Paper No. 479
2014, Preliminary Draft: Presented at the 13th BIS Annual Conference, June 27, 2014, Lucerne, Switzerland

Managerial Incentive Problems - A Dynamic Perspective
Bengt Holmström
1999, Review of Economic Studies, 66 (1), 169-182

Private and Public Supply of Liquidity
Bengt Holmstrom and Jean Tirole
1998, Journal of Political Economy, 106 (1): 1-40

Multi-Task Principal-Agent Problems: Incentive Contracts, Asset Ownership and Job Design
Bengt Holmstrom and Paul Milgrom
1991, Journal of Law, Economics and Organization, 7 (Special Issue): 24-52

Theory of Contracts
Oliver Hart and Bengt Holmstrom
1987; in Advances in Economic Theory. Cambridge: Cambridge University Press, pp. 71-155.

The Information View of Financial Crises
T.V. Dang, Gary Gorton and Bengt Holmstrom
2020; Annual Review of Financial Economics 12: 39–65
see also NBER Working Paper No. 26074

Grossman-Hart (1986) as a Theory of Markets
Bengt Holmstrom
2016; in The Impact of Incomplete Contracts on Economics (eds. P. Aghion, M. Dewatripont, P. Legros and L. Zingales). New York: Oxford University Press, pp. 17-20

A Theory of Firm Scope
Oliver Hart and Bengt Holmstrom
2010, Quarterly Journal of Economics, 125 (2): 483-513

Nordics in Global Crisis: Vulnerability and resilience
Thorvaldur Gylfason, Bengt Holmstrom, Sixten Korkman, Hans Tson Söderström and Vesa Vihriälä
2010; Research Institute of the Finnish Economy. Helsinki: Taloustieto

Comment on “The Panic of 2007,” by Gary Gorton
Bengt Holmstrom
2009; in Maintaining Stability in a Changing Financial System
Kansas City, MO: Federal Reserve Bank of Kansas City, 2009, pp. 263-273

The Nordic Model: Embracing globalization and sharing risks
Torben Andersen, Bengt Holmstrom, Seppo Honkapohja, Sixten Korkman, Hans Tson Söderström and Juhana Vartiainen
2007; Research Institute of the Finnish Economy. Helsinki: Taloustieto

Pay Without Performance and the Managerial Power Hypothesis: A Comment
Bengt Holmstrom
2005, Journal of Corporation Law, Summer: 703-715

The State of U.S. Corporate Governance: What’s Right and What’s Wrong?
Bengt Holmstrom and Steven Kaplan
2003, Journal of Applied Corporate Finance, 15 (3): 8-21

Game Theory in the Tradition of Robert Wilson
Bengt Holmstrom, Paul Milgrom, and Alvin Roth, Eds.
2002, BEPress

Domestic and International Supply of Liquidity
Bengt Holmström and Jean Tirole
2002, American Economic Review, 92 (2): 42-45

Corporate Governance and Merger Activity in the U.S.: Making Sense of the 1980s and 1990s
Bengt Holmstrom and Steven N. Kaplan
2001, Journal of Economic Perspectives, 15 (2): 121-144

LAPM -- A Liquidity-Based Asset Pricing Model
Bengt Holmström and Jean Tirole
2001, Journal of Finance, 56 (5): 1837-1867

Liquidity and Risk Management
Bengt Holmstrom and Jean Tirole
2000, Journal of Money, Credit and Banking, 32 (3): 295-319

Future of Cooperatives: A Corporate Perspective
Bengt Holmström
1999, The Finnish Journal of Business Economics, 4: 404-417

Future of Cooperatives: A Corporate Perspective
Bengt Holmström
1999, The Finnish Journal of Business Economics, 4: 404-417

The Firm as a Subeconomy
Bengt Holmström
1999, Journal of Law, Economics, and Organization, 15 (1): 74-102

The Boundaries of the Firm Revisited
Bengt Holmström and John Roberts
1998, Journal of Economic Perspectives, 12 (4): 73-94

Financial Intermediation, Loanable Funds and the Real Sector
Bengt Holmstrom and Jean Tirole
1997, Quarterly Journal of Economics, 112 (3): 663-691

Financing of Investments in Eastern Europe: A Theoretical Perspective
Bengt Holmstrom
1996, Industrial and Corporate Change, 5 (2): 205-237

Modeling Aggregate Liquidity
Bengt Holmstrom and Jean Tirole
1996, American Economic Review, 86 (2): 187-191

Internal Labor Markets: Too Many Theories, Too Little Evidence
George Baker and Bengt Holmstrom
1995, American Economic Review, 85 (2): 255-259

The Wage Policy of a Firm
George Baker, Michael Gibbs and Bengt Holmstrom
1994, Quarterly Journal of Economics, 109 (4), 921-955

The Internal Economics of the Firm: Evidence from Personnel Data
George Baker, Michael Gibbs and Bengt Holmstrom
1994, Quarterly Journal of Economics, 109 (4), 881-919

The Firm as an Incentive System
Bengt Holmstrom and Paul Milgrom
1994, American Economic Review, 84 (4): 972-991

Market Liquidity and Performance Measurement
Bengt Holmstrom and Jean Tirole
1993, Journal of Political Economy, 101 (4): 678-709

Hierarchies and Careers: A Case Study
George Baker, Michael Gibbs and Bengt Holmstrom
1993, European Economic Review, 37 (2-3): 366-378

To the Raider Goes the Surplus: A Re-examination of the Free-rider Problem
Bengt Holmström and Barry Nalebuff
1992, Journal of Economics and Management Strategy, 1 (1): 37-62

Transfer Pricing and Organizational Form
Bengt Holmstrom and Jean Tirole
1991, Journal of Law, Economics and Organization, 7 (2): 201-228

Short Term Contracts and Long Term Agency Relationships
Drew Fudenberg, Bengt Holmstrom, Paul Milgrom
1990, Journal of Economic Theory, 51 (1): 1-31

Agency Costs and Innovation
Bengt Holmstrom
1989, Journal of Economic Behavior and Organization, 12 (3): 305-327

On the Duration of Agreements
Milton Harris and Bengt Holmstrom
1987, International Economic Review, 28 (2): 389-406

Aggregation and Linearity in the Provision of Intertemporal Incentives
Bengt Holmstrom and Paul Milgrom
1987, Econometrica, 55 (2): 303-328

Managerial Incentives and Capital Management
Bengt Holmstrom and Joan Ricart I Costa
1986, Quarterly Journal of Economics, 101 (4): 835-860

Managerial Incentives, Investment and Aggregate Implications
Bengt Holmstrom and Laurence Weiss
1985, Review of Economic Studies, 52 (3): 403-425

Efficient and Durable Decision Rules with Incomplete Information
Bengt Holmstrom and Roger B. Myerson
1983, Econometrica, 51 (6): 1799-1819

Microeconomic Developments and Macroeconomics
Milton Harris and Bengt Holmstrom
1983, American Economic Review, 73 (2): 223-227

Equilibrium Long-Term Labor Contracts
Bengt Holmström
1983, Quarterly Journal of Economics, 98, Supplement: 23-54

Moral Hazard in Teams
Bengt Holmström
1982, The Bell Journal of Economics, 13 (2): 324-340

A Theory of Wage Dynamics
Milton Harris and Bengt Holmstrom
1982, Review of Economic Studies, 49 (3): 315-333

The Design of Incentive Schemes and the New Soviet Incentive Model
Bengt Holmström   
1982, European Economic Review, 17 (2): 127-148

Contractual Models of the Labor Market
Bengt Holmström
1981, American Economic Review, 71 (2): 308-313

The Investment Banking Contract for New Issues Under Asymmetric Information:  Delegation and the Incentive Problem
David P. Baron and Bengt Holmström
1980, Journal of Finance, 35 (5): 1115-1138

Groves’ Scheme on Restricted Domains
Bengt Holmström
1979, Econometrica, 47 (5): 1137-1144

Moral Hazard and Observability
Bengt Holmström
1979, The Bell Journal of Economics, 10 (1): 74-91

Digital Technology and Inclusive Growth: Executive Summary
Academic Committee of Luohan Academy
2019; Luohan Academy Report

An Economic Theory of Promises
Bengt Holmstrom and David Kreps
September 1998

Common Agency and Exclusive Dealing
Bengt Holmstrom and Paul Milgrom
April 1988

Dissertation

On Incentives and Control in Organization, Part 1
Bengt R. Holmström
December, 1977; Ph.D. Dissertation, Stanford University

On Incentives and Control in Organization, Part 2
Bengt R. Holmström
December, 1977; Ph.D. Dissertation, Stanford University