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

本项目从搜索理论的角度研究产品市场和劳动力市场之间的相互作用。搜索理论是一种新的理论，适用于分析由于市场摩擦导致交易机会有限的经济环境。本项目研究了一个产品市场和劳动力市场都是不完全竞争的模型，其中企业的生产率水平是异质的。本项目利用该模型研究了市场规模和市场摩擦程度不同的两个国家之间贸易自由化的影响。主要结果是，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其工业的国家将经历职业收入不平等的扩大。

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.