作者：Fredriksson, P
作者单位：Uppsala University
摘要：What are the welfare implications of a political equilibrium where the choice of active labor market programs (ALMPs) have to please the employed majority? This issue is examined in an equilibrium model featuring matching frictions and worker-firm wage bargaining. It turns out that the welfare consequences depend on the nature of ALMPs and the political weight attributed to firm interests. If firm values carry little political weight and programs contribute to wage pressure, the employed will ...
作者：Klein, P
作者单位：Simon Fraser University
摘要：This paper develops a general equilibrium model of asset pricing when capital gains an taxed upon realization. Under realistic assumptions, capital gain lock-in is shown to depress the pre-tax returns of securities with accrued capital gains. This result implies slowly dissipating security return reversal, and may help explain empirical findings in the financial economics literature. As in the existing public finance literature, this paper shows that one's own accrued capital gains and investm...
