The political Economy of Wealth and Interest
研究财富分配如何影响均衡利率和企业所有权分配，以及中产阶级在再分配政策上的投票行为，发现技术水平和不平等程度会显著影响政治结果。
We study the relationship between wealth redistribution and the allocation of firm-ownership. The economy's wealth distribution affects the equilibrium interest rate and the allocation of entrepreneurial rents when wealth determines agents' ability to borrow. This leads to an unconventional voting behaviour of the politically decisive middle class: the political preferences of middle and upper class voters coincide when redistribution only has an adverse interest-rate effect. Middle class voters vote with the lower class if redistribution gives access to entrepreneurial rents. Technology may strongly affect political outcomes. Greater inequality amplifies the interest-rate effect and may lead to less redistribution. Copyright 2007 The Author(s). Journal compilation Royal Economic Society 2007.