Equilibrium unemployment theory the mit press the second edition contains two new chapters one on endogenous job destruction and one on search on the job and job to job quitting the rest of the book has been extensively rewritten and in several cases simplified. An equilibrium theory of unemployment assumes that firms and workers maximize their payoffs under rational expectations and that wages are determined to exploit the private gains from trade. The unemployment story has many mansions and this book owns one of them it analyzes unemployment as a search and match mediated equilibrium of flows through the labor market set in motion by job destruction and job creation. In addition to being an equilibrium theory the theory of unemployment in this book is a macroeconomic one it is in terms of two representative agents firms and workers who move between two states employment and unemployment and aims to derive an equilibrium unemployment rate for the economy as a whole. Find helpful customer reviews and review ratings for equilibrium unemployment theory 2nd edition at amazoncom read honest and unbiased product reviews from our users
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