Equilibrium Unemployment Theory - 2nd Edition by Pissarides, Christopher A. Published by The MIT Press 2nd (second) edition (2000) Hardcover

by Christopher A. Pissarides

An equilibrium theory of unemployment assumes that firms and workers maximize their payoffs under rational expectations and that wages are determined to exploit the private gains from trade. This book focuses on the modeling of the transitions in and out of unemployment, given the stochastic processes that break up jobs and lead to the formation of new jobs, and on the implications of this approach for macroeconomic equilibrium and for the efficiency of the labor market. This approach to labor market equilibrium and unemployment has been successful in explaining the determinants of the "natural" rate of unemployment and new data on job and worker flows, in modeling the labor market in equilibrium business cycle and growth models, and in analyzing welfare policy. The second edition contains two new chapters, one on endogenous job destruction and one on search on the job and job-to-job quitting. The rest of the book has been extensively rewritten and, in several cases, simplified.

Genres: Economics, Textbooks, Nonfiction

Hardcover

First published January 1, 1990

Reviews

[Daniele · Rating 5 out of 5]

Very good book for anyone who wants to learn labor macro tools. Written and structured to be a great pedagogical tool.

[S · Rating 5 out of 5]

You cannot rate this kind of book. It's a great resource for doing theoretical research in labor but it's not a light read and I would not recommend it for anyone who's not a PhD student or a researcher. However, if you are then this book is invaluable.

A side note: Obviously I have not read this from cover to cover but used it enough.

[Wendelle]

the brilliant book that led to the Nobel. browsed for pertinent information