Strategic complementarities and regime shifts in economic crises: A search-theoretic approach

本课题从适用于分析因市场摩擦而贸易机会受到限制的经济环境的新理论--搜寻理论的观点出发，对产品市场与劳动力市场的相互作用进行了研究。本课题研究产品市场和劳动力市场均为不完全竞争、企业生产率水平具有异质性的模型。本课题利用该模型，研究了市场规模和市场摩擦程度不同的两国间贸易自由化的影响。主要结论是：贸易自由化对一国产业结构的影响取决于相对市场规模和相对市场摩擦。该项目预测，由于贸易自由化而扩大工业的国家将经历不同职业之间收入不平等的扩大。

This project investigated the interaction between the product market and the labor market from the perspective of search theory, which is a new theory suitable for analyzing the economic environment in which trading opportunities are limited because of market frictions. This project studied a model in which both the product market and the labor market are imperfectly competitive, and firms are heterogeneous in terms of their productivity levels. Using the model, this project studied the impact of trade liberalization between two countries that are different in their market sizes and degrees of market frictions. The main result is that the impact of trade liberalization on a country's industrial structure depends on the relative market size and the relative market friction. This project made a prediction that a country that expands its industry as a result of trade liberalization will experience an expansion in income inequality across occupations.