Growth and Cycles in Economies with Imperfect Markets

本研究项目研究不完全市场经济的动态行为。它还研究了动态的、不完善的市场经济中的政策效应。更具体地说，我们的研究集中在以下问题上：(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的不确定性。由于我们的推广，我们得到了一些关于不完全市场经济中不确定性来源的新发现。(2)动态无效率我们研究了不完全市场经济的动态无效率问题，同时使用了代表性模型和重叠代模型。在代表性代理框架中，我们考虑了当存在生产外部性时，净国民产品如何不能成为精确的福利度量。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表征的影响。(3)政策效应我们考察了具有市场不完全性的动态经济体中的各种政策效应。我们研究的具体主题是：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)中研究的分析框架，并得出了与日本经济政策制定相关的几个含义。上面列出的研究成果总结在12篇论文中，所有这些论文都已在评审期刊上发表或被接受发表。

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.