Labor, Credit, and Goods Markets : The Macroeconomics of Search and Unemployment

An integrated framework to study the theoretical and quantitative properties of economies with frictions in labor, financial, and goods markets. This book offers an integrated framework to study the theoretical and quantitative properties of economies with frictions in multiple markets. Building on analyses of markets with frictions by 2010 Nobel laureates Peter A. Diamond, Dale T. Mortensen, and Christopher A. Pissarides, which provided a new theoretical approach to search markets, the book applies this new paradigm to labor, finance, and goods markets. It shows, in particular, how frictions in different markets interact with each other. The book first covers the main developments in the analysis of the labor market in the presence of frictions, offering a systematic analysis of the dynamics of this environment and explaining the notion of macroeconomic volatility. Then, building on the generality and simplicity of the search analysis, the book adapts it to other markets, developing the tools and concepts to analyze friction in these markets. The book goes beyond the traditional general equilibrium analysis of markets, which is often frictionless. It begins with the standard analysis of a single market, and then sequentially integrates more markets into the analysis, progressing from labor to financial to goods markets. Along the way, the book provides a number of useful results and insights, including the existence of a direct link between search frictions and the degree of volatility in the economy.Author: Petrosky–nadeau, Nicolas,author,Wasmer, Etienne,author Contributors: Petrosky–nadeau, Nicolas,author,Wasmer, Etienne,author Binding: hardcover Publication Date: Release Date: Languages: English,Published,English,Original Language,Englis Format: illustrated Edition: Illustrated Published/Release Date: 10 Nov 2017 Format: Hardback Publisher/Studio/Brand: MIT Press Ltd Author/Director/Artist: Nicolas Petrosky-Nadeau Dimension (cm): 18x231x155 mm Package Dimension (cm): 17x235x156 mm Item Weight (g): 499 Package Weight (g): 486