2003 Fiscal Year Final Research Report Summary
Growth and Cycles in Economies with Imperfect Markets
| Project/Area Number |
14530010
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
経済理論
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| Research Institution | Kobe University |
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Principal Investigator |
MINO Kazuo Kobe Univ, Graduate School of Economics, Professor, 経済学研究科, 教授 (00116675)
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| Co-Investigator(Kenkyū-buntansha) |
SHIBATA Akihisa Kyoto University, Institute for Economic Research, Professor, 経済研究所, 教授 (00216003)
FUTAGAMI Koichi Osaka University, Graduate School of Economic, Professor, 大学院・経済学研究科, 教授 (30199400)
SHIMOMURA Kazuo Kobe Univ, Research Institute for Economics and Business, Professor, 経済経営研究所, 教授 (60116217)
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| Project Period (FY) |
2002 – 2003
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| Keywords | Imperfect Markets / Economic Growth / Business Cycles / Fiscal Policy / Monetary Policy / Indeterminacy / Imperfect Information / Overlapping Generations Economy |
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| Research Abstract |
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 inefficiency
We 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 effects
We 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 economy
The research outcomes listed above have been summarized in 12 papers, all of which have been published or accepted for publication in the refereed journals.
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Research Products
(18 results)
