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
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.
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