作者：Parlour, Christine A.; Walden, Johan
作者单位：University of California System; University of California Berkeley
摘要：We present a tractable general equilibrium model with multiple sectors in which firms offer workers incentive contracts and simultaneously raise capital in stock markets. Workers optimally invest in the stock market and at the same time hedge labour income risk. Firms rationally take agents' portfolio decisions into account. In equilibrium, the cost of capital of each sector is endogenous. The distortion induced by moral hazard generates counterintuitive effects on the real economy. For exampl...
