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Equilibrium Unemployment Theory (Hardcover)

by Christopher A. Pissarides (Author)

4.0 out of 5 stars See all reviews (1 customer review)

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Product details

Hardcover: 272 pages
Publisher: MIT Press; 2nd Edition edition (3 April 2000)
Language English
ISBN-10: 0262161877
ISBN-13: 978-0262161879
Product Dimensions: 22.6 x 15.2 x 1.5 cm

Average Customer Review: 4.0 out of 5 stars See all reviews (1 customer review)

Amazon.co.uk Sales Rank: 348,430 in Books (See Bestsellers in Books)

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Product Description

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 modelling 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 labour market. This approach to labour 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 modelling the labour 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.

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2 of 2 people found the following review helpful:

4.0 out of 5 stars the bible on labour market search theory, 5 Jan 2004

By	Rational Citizen "s_andreo" (London, UK) - See all my reviews

this book provides a rigorous introduction into the macroeconomics of search by one of the leading researchers in the field. pissarides' book is organised in three main sections comprising several chapters each. the first section exposits the basic model of labour market search by carefully presenting the essential ingredients and then discusses some modifications. the second section shows just how many interesting questions in labour macroeconomics can be addressed by the search paradigm. the last section deals with the welfare properties of search equilibrium and addresses policy issues.
being a graduate level book, this is obviously not bedtime reading, even though the mathematical requirements don't go much beyond differential equations (and some optimal control for the policy section): pencil and paper are indispensable if you are serious about it. however, economic intuition is always thoroughly discussed, and he manages to keep notation simple. especially useful where the notes on the literature at the end of each chapter. a good starting point and reference for anyone seeking to understand the search paradigm.

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