Equilibrium Unemployment Theory: Pythagoras to Present

by Christopher A. Pissarides

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...

• Format: Hardcover
• Language: English
• ISBN: 0262161877
• ISBN13: 9780262161879
• Release Date: March 2000
• Publisher: MIT Press
• Length: 272 Pages
• Weight: 1.12 lbs.
• Dimensions: 0.8" x 6.2" x 9.2"
• Age Range: 18 years and up
• Grade Range: Postsecondary and higher