この論文では景気循環や金融危機に関する最近の研究動向を概観し, 景気循環や金融危機の要因として, 生産性の異なる経済主体間の富の再配分が重要な役割を果たしうることを示す。信用制約のある経済では, 異質な経済主体間の(予想外の)富の再配分というショックによって, 生産や雇用の粘着性と増幅性, 全要素生産性の順循環的な変動など, 実際に観測される景気循環の性質が再現される。金融危機の後の長期不況も大きな再配分ショックに対する経済システムの反応として理解できる。このモデルは, 個々の経済主体の行動に非線形性はなく, 集計レベルで非線形性が現れる点で, 標準的なモデルと異なる。現実の景気循環や金融危機では労働ウェッジの順循環的な変動が観測されている。このモデルでは, 通常の条件では労働ウェッジは逆循環的になったが, 一定の条件のもとで, 大きな不況期には労働ウェッジが顕著に悪化することは示された。
This study reviews the latest research trends relating to business cycles and financial crisis, indicating that as a primary factor for business cycles and financial crisis, the reallocation of wealth between economic entities with distinct productivities may play an important role.
In economies with credit constraints, depending on shocks resulting from (unexpected) wealth reallocation between heterogeneous economic entities, the adhesiveness and amplifiability of production and employment, the procyclical variation in total factors of production, and so on, in other words, the nature of business cycles that can be actually surveyed is reproduced.
A long-term recession following a financial crisis can be understood as a reaction from an economic system to a significant reallocation shock. This model differs from the standard model as it does not have a non-linearity on the behavior of individual economic agents, indicating non-linearity at the aggregate level. In real business cycles and financial crisis, procyclical variations of labor wedge are observed.
In this model, although under normal conditions the labor wedge becomes anti-cyclical, under constant conditions, results reveal that in periods of depression, the labor wedge deteriorates significantly.
|
