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Unemployment and Macroeconomics

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  • Pissarides, Christopher A

Abstract

This paper discusses some issues in the theory of unemployment; proposes a framework for the analysis of unemployment; and applies the framework to the analysis of the rise in unemployment in Britain after 1979. The framework is based on bilateral monopoly in the labor market and the explanation for the rise in unemployment in Britain rests primarily with a demand-side shock, which caused the rise in 1980-81, and supply-side persistence, which has kept unemployment up since then. Copyright 1989 by The London School of Economics and Political Science.

Suggested Citation

  • Pissarides, Christopher A, 1989. "Unemployment and Macroeconomics," Economica, London School of Economics and Political Science, vol. 56(221), pages 1-14, February.
    • Handle: RePEc:bla:econom:v:56:y:1989:i:221:p:1-14
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    Cited by:

    1. Michaillat, Pascal, 2012. "A theory of countercyclical government-consumption multiplier," LSE Research Online Documents on Economics 54277, London School of Economics and Political Science, LSE Library.
    2. Andrew Bascand, 1988. "The persistence of unemployment: lessons from overseas experience," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 51, december.
    3. Lall Ramrattan & Michael Szenberg, 2012. "The impact of The General Theory on Economic Theory and the Development of Public Policies: A Nested Vision of Keynes’s Ideas with the Classical Vision through a Panoramic View of his Works," Chapters, in: Thomas Cate (ed.), Keynes’s General Theory, chapter 8, Edward Elgar Publishing.
    4. Gorostiaga Arantza, 2005. "Optimal Fiscal Policy with Rationing in the Labor Market," The B.E. Journal of Macroeconomics, De Gruyter, vol. 5(1), pages 1-22, July.
    5. James W. Boudreau, 2008. "Sequential Pre-Marital Investment Games: Implications for Unemployment," Working papers 2008-45, University of Connecticut, Department of Economics.

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