欧洲央行：企业所有权与激励性泄漏的宏观经济学（英文版）

Questions about market power have become salient in macroeconomics. We consider the role of institutional structures in addressing these within a dynamic general equilibrium framework. Standard models account for monopoly profits as a lump-sum transfer to the representative agent. We label this an “incentive leakage,” and show this to be a general characteristic of firm-optimal arrangements. We show that shareholderoperated or worker-operated firms that eliminate leakage can generate within-f