This text, written with the graduate student in mind, analyzes the aggregate demand and aggregate supply for the open economy both in the short-term and in the long-term. The author discusses the role of expectations, price flexibility and market clearing for the determination of output and employment, and considers the role of monetary and fiscal policy in stabilising potential fluctuations. Two aspects of the problem are considered: the part played by stochastic shocks in destabilizing output and the extent to which ...
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This text, written with the graduate student in mind, analyzes the aggregate demand and aggregate supply for the open economy both in the short-term and in the long-term. The author discusses the role of expectations, price flexibility and market clearing for the determination of output and employment, and considers the role of monetary and fiscal policy in stabilising potential fluctuations. Two aspects of the problem are considered: the part played by stochastic shocks in destabilizing output and the extent to which policy could or should counteract them, and secondly, the implications of the stochastic nature of the macroeconomic system for the permanent income theory of consumption, the inflation-unrmployment trade-off and the other relations that make up the macroeconomic system.
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Add this copy of Equilibrium Unemployment Theory to cart. $650.00, like new condition, Sold by Raptis Rare Books rated 5.0 out of 5 stars, ships from Palm Beach, FL, UNITED STATES, published by Basil Blackwell.
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Seller's Description:
First edition of Pissarides' landmark work in unemployment theory. Octavo, original cloth. Inscribed by Christopher Pissarides on the front free endpaper. Fine in a fine dust jacket. "Pissarides incorporates important new developments into equilibrium unemployment theory. A particularly important development is endogenizing job destruction as well as job creation into a unified theoretical framework. This framework, along with new data on job and worker flows, promises to provide a better understanding of unemployment" (Edward C. Prescott).
