Equilibrium Unemployment Theory 2nd Edition by Christopher A. Pissarides introduces the job search and matching model. An equilibrium principle of unemployment assumes that corporations and staff maximize their payoffs under rational expectations and that wages are determined to exploit the non-public gains from trade.
Authors examine the properties of the essential mannequin and some of its varied extensions (endogenous job destruction, on-the-job search etc.). So, we will be able to analyze qualitatively the impression of labor market policies. This book focuses on the modeling of the transitions out and in of unemployment, given the stochastic processes that break up jobs and lead to the formation of recent jobs, and on the implications of this strategy for macroeconomic equilibrium and for the efficiency of the labor market.
This strategy to labor market equilibrium and unemployment has been successful in explaining the determinants of the “pure” fee of unemployment and new knowledge on job and worker flows, in modeling the labor market in equilibrium business cycle and development models, and in analyzing welfare policy.
The book 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 instances, simplified. It exhibits how studies have moved from specifying a novel and constant equilibrium fee of unemployment to specs which emphasize the influence of unemployment advantages, hysteresis and a range of equilibrium charges of unemployment.
Equilibrium Unemployment Theory – 2nd Edition [Hardcover]
Christopher A. Pissarides
The MIT Press; second edition
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