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Equilibrium Unemployment Theory - 2nd Edition, by Christopher A. Pissarides
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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.
- Sales Rank: #829254 in Books
- Published on: 2000-03-10
- Original language: English
- Number of items: 1
- Dimensions: 9.10" h x .80" w x 6.20" l, 1.24 pounds
- Binding: Hardcover
- 272 pages
Review
The unemployment story has many mansions, and this book owns one of them. It analyzes unemployment as a search-and-match-mediated equilibrium of flows through the labor market, set in motion by job destruction and job creation. The new edition adds endogenous job destruction and on-the-job search to the story, and can fairly claim to tell you everything you always wanted to know about search unemployment, but didn't know whom to ask.
(Robert M. Solow, Institute Professor of Economics, emeritus, MIT)Pissarides incorporates imoprtant new developments into equilibrium unemployment theory. A particularly important development is endogenizing job destruction as well as job creation into a unified theoretical framework. This framework, along with new data on job and worker flows, promises to provide a better understanding of unemployment.
(Edward C. Prescott, Universities of Chicago and Minnesota)Pissarides provides the labor-market building blocks for the new macroeconomics. A must read for everyone in macro and labor.
(Bob Hall, Hoover Institution, Stanford University)Christopher Pissarides provides a definitive introduction to the search model of the labor market. The revised model, in dispensing with money and deriving real interest rates from real considerations, reveals itself to be a full subscriber to the natural-rate theory of unemployment. Among the several additions, the new chapter endogenizing job destruction is particularly valuable.
(Edmund Phelps, McVickar Professor of Political Economy, Columbia University) About the Author
Christopher A. Pissarides is Professor of Economics at the London School of Economics and a Research Associate at the National Bureau of Economic Research. He received the 2010 Nobel Prize in Economics.
Most helpful customer reviews
10 of 10 people found the following review helpful.
An important and influential book in labor economics
By SamBK
The book is written by one of the pioneers of matching theory approach to unemployment theory. The book starts with very simple matching models and builds its way up by adding something at each chapter. So the book starts by a deterministic model of equilibrium with only labor as input. you see that first capital is added to the model, then dynamics of the model are discussed and balanced paths are derived. Then random elements and shocks are added,then heterogeneity among workers is considered and then search efforts and other elements are being added.
I think the book is very well written and the flow of topics and ideas is smooth and easy to grasp. Verbal discussion and explanations are clear, informative and are always accompanied by the proper formulas and derivations. Note that the book covers only matching models of labor and completely ignores other types of models (like efficiency wage, implicit contracts, ...). Also chapters don't have exercises at the end, which I don't think is a major handicap for the book, as it is more meant for graduate level research.
In general I think this book makes understanding the matching theory easy and anybody who wants to work on labor economics should know about this book.
1 of 1 people found the following review helpful.
Well rounded. Readable. Enlightening.
By Authenticated Amazon User
The book provides an in depth and complete treatment of it's subject matter.
The math is all there. But along with the math are clear discussions of what and why.
Too often equations are thrown out there in a lump with a brief description. That approach cannot help but miss important and enlightening details or nuances. More than that, I think when you see that you should suspect that the source doesn't understand the material themselves.
From this book it is clear that this author knows the subject inside and out. Which isn't any surprise. The surprise is just how well he conveys that knowledge here.
Highly recommend this book for anyone who wants a complete understanding of this material.
0 of 0 people found the following review helpful.
This is the wonderful text book for macro-labor and it must be the ...
By Justin Yunhan Shin
This is the wonderful text book for macro-labor and it must be the bible for students who are major especially in macroeconomics and labor economics.
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