An OLG Model of Common Ownership: Effects on Consumption and Investments

Oz Shy; Rune Stenbacka

doi:10.1016/j.jmacro.2019.103155

An OLG Model of Common Ownership: Effects on Consumption and Investments

Oz Shy
, Rune Stenbacka

Nationalekonomi, Helsingfors

Federal Reserve Bank of Atlanta

Forskningsoutput: Tidskriftsbidrag › Artikel › Vetenskaplig › Peer review

7 Citeringar (Scopus)

Sammanfattning

We analyze how an increase in the degree of common ownership of firms in the same market affects consumption and investment. Such an increase is shown to reduce real investment and therefore intertemporal consumption. Overall, institutional investors’ common ownership of firms competing in the same market serves as a device for weakening market competition. The resulting increase in the price of acquiring shares with institutional investors then crowds out savings directed to real investments.

Originalspråk	Engelska
Referentgranskad vetenskaplig tidskrift	Journal of Macroeconomics
Volym	62
ISSN	0164-0704
DOI	https://doi.org/10.1016/j.jmacro.2019.103155
Status	Publicerad - 23.08.2019
MoE-publikationstyp	A1 Originalartikel i en vetenskaplig tidskrift

FN:s SDG:er

Detta resultat bidrar till följande hållbara utvecklingsmål:

SDG 12 – Hållbar konsumtion och produktion

Nyckelord

511 Nationalekonomi

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10.1016/j.jmacro.2019.103155

c-own-38Accepterat manuskript (AAM), 2,08 MBLicens: CC BY-NC-ND

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An OLG Model of Common Ownership: Effects on Consumption and Investments

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FN:s SDG:er

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