Equilibrium Price Formation with a Major Player and its Mean Field Limit

Keisuke Kawata and Yasuhiro Sato

No CIRJE-F-1163, CIRJE F-Series from CIRJE, Faculty of Economics, University of Tokyo

Abstract: We develop a simple framework to measure the impacts of an economic shock on unemployed workers' welfare quantitatively. We follow the sufficient statistics approach in consulting traditional economic models, and use a standard job search model to derive the sufficient statistics to identify the impacts. We then apply our framework to assess the impacts of the coronavirus disease 2019 (COVID-19) by using regional data of the United States and Japan, and international data. Analysis reveals the regions and countries that are severely damaged by the COVID-19.

Pages: 12 pages
Date: 2021-04
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