Equilibrium Unemployment Theory (The MIT Press)

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Description

This book makes a speciality of the modeling of the transitions out and in of unemployment, given the stochastic processes that get a divorce jobs and result in the formation of new jobs, and at the implications of this approach for macroeconomic equilibrium and for the efficiency of the labor market.

An equilibrium theory of unemployment assumes that firms and workers maximize their payoffs under rational expectations and that wages are made up our minds to exploit the private gains from trade. This book makes a speciality of the modeling of the transitions out and in of unemployment, given the stochastic processes that get a divorce jobs and result in the formation of new jobs, and at the implications of this approach for macroeconomic equilibrium and for the efficiency of the labor market. This option 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 one edition accommodates two new chapters, one on endogenous job destruction and one on search at the job and job-to-job quitting. The remainder of the book has been extensively rewritten and, in several cases, simplified.

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