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Equilibrium unemployment theory Christopher A. Pissarides
Publisher: MIT

It has contributed to the better understanding of this phenomenon and constitutes a vital tool in labour market analysis. General-equilibrium models for studying monetary influences in general and the zero lower bound on the nominal interest rate in particular contain implicit theories of unemployment. Keynes and his followers, however, reject the fundamental classical theory of full employment equilibrium in the economy. MC PHOTO abs-926 Unemployment Line. Pissarides for taking home the 2010 Nobel Prize. His book, "Equilibrium Unemployment Theory" is considered standard reference book on unemployment. 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'. Buy It Now | Add to watch list. In some cases, the theory is explicit. End Date: Saturday Sep-15-2012 21:15:10 PDT Buy It Now for only: $16.99. As Alex Tabarrok notes, this year's prize can usefully be thought of as a prize for unemployment theory. Equilibrium Unemployment Theory, second edition, Cambridge, MA: MIT Press, 2000 (reprinted 2007) Equilibrium Unemployment Theory, Oxford: Basil Blackwell, 1990. (Why the word In what became known as the microfoundations debate, neoclassicals attacked the Keynesian part of the profession with the charge that Keynes “did not have good microfoundations” – that Keynesian results like an equilibrium with unemployment contradicted microeconomic theory. The difference between the two (supply and demand) is unemployment. Hicks argued that it was possible for the economy to be in an equilibrium (a word I'll be labouring in this post) in which there was involuntary unemployment. Wage rigidity is thus introduced as an ad hoc assumption to explain how an unemployment “equilibrium” is possible. His finding that the only equilibrium price was the monopoly became known as the Diamond paradox.