Non-Walrasian Price Mechanism : Theory and Applications

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This project aims at the following three goals. (1)We maintain monthly research meetings on the search theory and its applications. We regularly invite two speakers including our research team members to present and discuss their new research works. (2)We publish single and/or joint research papers to explore the frontier of the search theory. (3)We write a book which surveys the frontier of the search theory.(1)We have invited leading researchers in search theory form both inside and outside of Japan. They are listed in our main report, and on the website of STW, http://homepage3.nifty.com/ronten/STW.htm. The presenters include Professor Nobuhiro KIYOTAKI of Princeton University and Professor Ricardo Lagos of New York University, who are leading researchers in this field.(2)We have published articles listed in the second page. The issues varied across many research interests. One is the theoretical research of labor market institutions in a search-theoretic model. Second, there are works on monetary economics in the light of both traditional macroeconomics and the search theory. Third, there are works to search for microfoundations of money, especially in the case that there is no constraint on money holdings.(3)We will publish a research survey book on the research frontiers of search theory as well as our own contributions to this field in Japanese. We are now writing chapters of the book, which is supposed to be titled as "Search Theory and Its Applications".