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Chris Pissarides has pioneered the concept of equilibrium unemployment arising from search and matching frictions. In his theory, unemployment is neither Keynesian nor classical, but results from a lack of information about job opportunities and imperfect knowledge of the location and skills of job seekers. This approach has major importance for the analysis of labor markets as well as aggregate policies. In particular, it emphasizes active labor market policies, the adverse effect of passive compensation, the importance of interest rates and aggregate demand, of adequate wage compensation, and the role of firm’s profits. In 2010, Chris received the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel together with Peter Diamond and Dale Mortensen for their work on markets with search frictions. |
