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Equilibrium unemployment theory by Christopher A. Pissarides

Equilibrium unemployment theory Christopher A. Pissarides ebook
ISBN: 0262161877, 9780262161879
Format: chm
Publisher: MIT
Page: 0

4.3 Equilibria of unemployment. The intersection of the two curves determines the market clearing real wage and the equilibrium level of employment. Recent labor markets developments, including mismatches in the skills of workers and jobs, extended unemployment benefits, and very high rates of long- term joblessness, may be impeding the return to "normal" unemployment rates of around 5%. 4 Labor market equilibria and properties. Speech delivered August 17 in Marquette, MI. Pissarides for taking home the 2010 Nobel Prize. 3.4 The Kalai-Smorodinsky solution. As Alex Tabarrok notes, this year's prize can usefully be thought of as a prize for unemployment theory. Data show that consumption growth “Granger-causes” output and investment growth, which is puzzling if technology is the driving force of the business cycle. By far the most influential application of search theory has been to the labour market, and it has led to the development of what is now recognised as the leading model of 'equilibrium unemployment'. To the best of our knowledge, this is the first attempt to implement and systematically compare these solutions in search-matching economies. What Is the New Normal Unemployment Rate? Equilibrium Unemployment Theory. Equilibrium Business Cycle Theory.