Toward a Positive Analysis of Information and Disequilibrium

Abstract

This paper studies the relationship between macroeconomic disequilibrium and asymmetry of information by using an empirical analysis. We have developed a tool of analysis with a new dynamic disequilibrium model with micro-foundation. We try to visualize disequilibrium extracted from the statistics of the actual product market and the labor market. In the product market, disequilibria have appeared in Product inventory of Input-Output table. In the labor market, disequilibria have appeared in the unemployment rate and vacancy rate table. In this study, we analyzed the movement of the disequilibrium in the Heisei Recession by processing the data, such as unemployment and vacancy ratio and inventory behavior.