Inequality dynamics, underemployment, and secular stagnation

我的研究议程(与日本和国际研究人员联合)包括一系列相互关联的项目，通过将标准宏观经济模型与行为经济学的特征(特别是对财富的偏好)结合起来，分析劳动力市场中的不平等和就业不足等实证现象。今年在以下两个项目上取得了实质性进展。在不平等项目中，我们大幅修改了我们的模型框架，以考虑到除了财富偏好冲击、收入和流动性风险之外，技术进步和资本调整成本的可能性。我们已经校准了这个模型，以匹配美国财富分配的经验特征，目前正在使用基于平均场博弈公式的数值模拟来分析各种税收方案(基于美国政客的实际税收计划)对财富分配的影响。我们的目标是在接下来的几个月内将我们的结果总结成一份完整的论文草稿。在劳动力市场项目中，我们研究了日本劳动力市场同时发生的失业和就业不足。在收到了来自裁判和期刊编辑的建设性反馈后，我们对这篇论文进行了实质性的修改，包括理论模型和数值模拟。这一修订版已被接受，将于2023年4月发表在《经济理论杂志》上。

My research agenda (joint with Japanese and international researchers) consists of a series of interrelated projects that analyze empirical phenomena, such as inequality and underemployment in the labour market, by combining standard macroeconomic models with features from behavioural economics, specifically a preference for wealth. This year has seen substantial progress on the following two projects.In the inequality project, we have substantially revised our model framework to allow for the possibility of technological progess and capital adjustment costs, in addition to wealth preference shocks, income and liquidity risks. We have calibrated this model to match empirical features of the U.S. wealth distribution and are currently analyzing the effects of various tax schemes (based on actual tax plans from U.S. politicians) on the wealth distribution using numerical simulations based on mean-field game formulations. Our goal is to summarize our results in a full draft of the paper within the next months.In the labour market project, we study the simultaneous occurrence of unemployment and underemployment in the Japanese labour market. Having received constructive feedback from referees and journal editiors, we have substantially revised this paper including both the theoretical model and the numerical simulations. This revised version has been accepted for publication in the Journal of Economic Theory in April 2023.