2009 Fiscal Year Final Research Report

Application of Search Theory and Dynamic Contract Theory to Dynamic Macroeconomic Analyses

Research Project

Project/Area Number	20830017
Research Category	Grant-in-Aid for Young Scientists (Start-up)
Allocation Type	Single-year Grants
Research Field	Economic theory
Research Institution	The University of Tokyo
Principal Investigator	FUJIMOTO Junichi The University of Tokyo, 大学院・経済学研究科, 講師 (00507907)
Project Period (FY)	2008 – 2009
Keywords	マクロ経済学 / サーチ・マッチング理論 / 動学的契約理論
Research Abstract	In this research project, I conducted macroeconomic analyses of the labor market by applying the search and matching theory and the dynamic contract theory. In particular, I used a model of long-term contracts which combine these two approaches, and explored how long-term productivity growth affects, for example, the unemployment rate and the job tenure. Throughout the project, I emphasized both the theoretical examinations of the model characteristics, as well as the quantitative exploration of the model, based on numerical simulations, and its comparison with the data. I actively presented the three papers (two papers originally planned, plus an additional one) that formed the project at international conferences and seminars at other universities. I revised the three papers based on feedbacks obtained at these occasions, and completed them. I am currently aiming to have them published in peer-reviewed journals.