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Equilibrium unemployment theory Christopher A. Pissarides
Publisher: MIT

Equilibrium unemployment in the theoretical literature and that their significance varies depending on which theoretical model is being used. 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. Equilibrium Unemployment Theory, 2nd edition,. (1996) “Unemployment Hysteresis - Macro Evidence from 16 OECD Countries” Empirical Economics 21: 589- 600. Data show that consumption growth “Granger-causes” output and investment growth, which is puzzling if technology is the driving force of the business cycle. Obstfeld & K Rogoff, Foundations of International Macroeconomics, MIT Press, 2000; P Aghion & P Howitt, Endogenous Growth Theory, MIT Press 1998; C A Pissarides, Equilibrium Unemployment Theory, MIT Press 2000. [40] Pissarides, Christopher A. [41] Pissarides, Christopher A. The Great Depression disproved that theory. (1990) Equilibrium Unemployment Theory, Oxford, Basil Blackwell. Finally, when it comes to labour market coordina- tion, we review different theories of imperfectly competitive labour markets. In production are centre stage. Equilibrium Business Cycle 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. The question of how central banks can take real economic considerations into.