Equilibrium unemployment theory Christopher A. Pissarides
Publisher: MIT

The Great Depression disproved that theory. Sound's a bit like Say's Law, the theory that unemployment cannot increase indefinitely as eventually wages will fall and labour will become cheap. Equilibrium Unemployment Theory, 2nd edition,. [41] Pissarides, Christopher A. As long as the institutional parameters – λ, c and the tax rates – are constant, the mark-up factor depends positively on the probability of finding a job, a, and negatively on the probability of filling a vacancy, q. [40] Pissarides, Christopher A. Finally, when it comes to labour market coordina- tion, we review different theories of imperfectly competitive labour markets. In production are centre stage. Equilibrium Unemployment Theory - 2nd Edition. Equilibrium Unemployment Theory, second edition, Cambridge, MA: MIT Press, 2000 (reprinted 2007) Equilibrium Unemployment Theory, Oxford: Basil Blackwell, 1990. He has written extensively in professional journals and his book Equilibrium Unemployment Theory is an influential reference in the economics of unemployment and has been translated in many languages. 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. In some cases, the theory is explicit.