2010 Fiscal Year Final Research Report
Macroeconomic analysis with imperfect financial markets
| Project/Area Number |
19730140
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Single-year Grants |
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| Research Field |
Economic theory
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| Research Institution | Kyoto University |
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Principal Investigator |
NAKAJIMA Tomoyuki Kyoto University, 経済研究所, 准教授 (50362405)
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| Project Period (FY) |
2007 – 2010
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| Keywords | 景気循環 / 非完備市場 / 資産価格 / 担保制約 |
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| Research Abstract |
We have analyzed how various forms of financial market imperfection affect the macro economy. (1) How labor and capital income should be taxed in the presence of uninsurable labor income risks? (2) When there exists involuntary unemployment due to imperfections both in the labor and financial markets, how monetary policy should be conducted to stabilize the economy? (3) Suppose that the amount of working capital of firms are constrained by collateral constraint. What kind of implications does it have for macroeconomic fluctuations?
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