The Elastic Provision of Liquidity by Private Agents
研究面临流动性冲击的异质性企业如何通过购买不受冲击企业的债权来缓解风险，并分析这种债权因可替代性和生产性投资支持而具有弹性供给，导致流动性冲击对不同经济部门产生不同影响。
I study a model of investment by financially constrained firms that are heterogeneous with respect to their exposure to an aggregate liquidity shock. A firm that is susceptible to the shock will mitigate its exposure by purchasing claims issued by a firm that is not. Liabilities of an unaffected firm may earn a liquidity premium due to their fungibility, and because they are backed by productive investment, their supply is elastic to the demand. This segmentation implies that an aggregate liquidity shock has different consequences across sectors of the economy.