Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts

Emmanuel Farhi, Jean Tirole

NBER Working Paper No. 15138
Issued in July 2009

---- Acknowledgments ----

We thank Fernando Alvarez, Bruno Biais, Markus Brunnermeier, Douglas Diamond, John Moore, Jean-Charles Rochet and Robert Shimer for useful comments and seminar participants at the Bank of France, Bank of Spain, Bocconi, Bonn, Chicago Booth School of Business, LSE, Maryland and at several conferences (2009 Allied Social Sciences Meetings, Banque de France January 2009 conference on liquidity, Banque de France - Bundesbank June 2009 conference, 8th BIS annual conference "Financial Systems and Macroeconomic Resilience: Revisited", June 2009). 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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