Record Details

The Benchmark Macroeconomic Models of the Labour Market

International Journal of Economic Practices and Theories

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Field Value
 
Title The Benchmark Macroeconomic Models of the Labour Market
 
Creator Lisi, Gaetano
 
Subject Economics; Macroeconomics; Labour Economics
Matching and Job Search Theory; “non-walrasian” Labour Market; Search and Matching frictions; Job Creation and Job Destruction; Equilibrium Unemployment
B16; C78; D83; J63; J64
 
Description This technical note aims to provide a practical overview of the labour market’s benchmark macroeconomic models. The matching models are the primary and most popular theoretical tools used by economists to evaluate various labour market policies and to study the problem of unemployment. These models explain the co-existence in equilibrium of unemployment and vacancies through frictions in matching workers and firms and generate predictions that have the right direction: unemployment goes up in recession and down in boom, while job vacancies shift in the opposite direction. The central role of these models in imperfect labour markets has recently been confirmed by the 2010 Nobel Prize for economy awarded to the founders of this approach: Peter Diamond, Dale Mortensen and Christopher Pissarides.
 
Publisher International Journal of Economic Practices and Theories
 
Contributor —
 
Date 2013-07-01
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://www.ijept.org/index.php/ijept%20/article/view/The_Benchmark_Macroeconomic_Models_of_the_Labour_Market
 
Source International Journal of Economic Practices and Theories; Vol 3, No 3 (2013); 168-185
2247 – 7225
 
Language eng
 
Relation http://www.ijept.org/index.php/ijept%20/article/view/The_Benchmark_Macroeconomic_Models_of_the_Labour_Market/pdf