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Equilibrium unemployment theory Christopher A. Pissarides
Publisher: MIT

The intersection of the two curves determines the market clearing real wage and the equilibrium level of employment. Equilibrium Unemployment Theory Christopher A. As Alex Tabarrok notes, this year's prize can usefully be thought of as a prize for unemployment theory. Pissarides for taking home the 2010 Nobel Prize. In some cases, the theory is explicit. His finding that the only equilibrium price was the monopoly became known as the Diamond paradox. What Is the New Normal Unemployment Rate? Recent labor markets developments, including mismatches in the skills of workers and jobs, extended unemployment benefits, and very high rates of long- term joblessness, may be impeding the return to "normal" unemployment rates of around 5%. #6: Equilibrium Unemployment Theory. Speech delivered August 17 in Marquette, MI. Equilibrium Unemployment Theory. 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. We consider the dynamic relationship between product market entry regulation and equilibrium unemployment.