Growth and Cycles in Economies with Imperfect Markets

本研究课题探讨不完全市场经济的动态行为。它还研究动态的、不完善的市场经济中的政策效应。（1）均衡的不确定性：我们使用比现有文献更一般的模型来研究货币经济和开放市场经济中的不确定性。由于我们的推广，我们获得了一些新的发现，在不完全市场经济中的不确定性的来源。(2)动态无效率我们研究了动态无效率的问题，经济与不完善的市场，通过使用代表以及重叠世代模型。在代表性代理人框架中，我们考虑如何净国民生产不能成为一个精确的福利措施时，有生产外部性。在OLG模型中，我们考虑了信息不对称和投资孕育滞后对动态均衡特征的影响。(3)政策效应我们研究在动态经济中的各种政策效应与市场不完善。我们调查的具体主题是：财政赤字，商品税收，信贷政策和人口结构。这些研究应用了（1）和（2）的分析框架，得出了对日本经济政策制定具有重要意义的几点启示。以上研究成果归纳为12篇论文，均已在参考期刊上发表或接受发表。

This research project investigates dynamic behaviors of economies with imperfect markets. It also studies policy effects in dynamic, imperfect market economies. More specifically, our research focuses on the following issues :(1) Indeterminacy of equilibrium :We studies indeterminacy in monetary as well as open-market economies by using more general models than those used by the existing literature. Due to our the generalization, we obtain several new findings about the sources of indeterminacy in imperfect market economies.(2) Dynamic inefficiencyWe investigate the issue of dynamic inefficiency of economies with imperfect market by using both the representative as well as the overlapping generations models. In the representative agent framework, we consider how net national product fails to be a precise welfare measure when there are production externalities. In the OLG models, we consider the effects of information asymmetry and investment gestation lags on the characterization of dynamic equilibrium.(3) Policy effectsWe examine various policy effects in dynamic economies with market imperfection. Specific topics we investigate are : fiscal deficits, commodity taxation, credit policy and demographic structure. Those studies apply the analytical frameworks studied in (1) and (2), and derive several implications that would be relevant for policy making in the Japanese economyThe research outcomes listed above have been summarized in 12 papers, all of which have been published or accepted for publication in the refereed journals.