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Labour Market Adjustment
Microeconomic Foundations of Short-run Neoclassical and Keynesian Dynamics

$60.00

  • Date Published: April 2009
  • availability: Available
  • format: Paperback
  • isbn: 9780521106061

$60.00
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  • The main purpose of this book is to develop a general theoretical framework within which it is possible to analyse the interaction of markets in disequilibrium. It considers optimal firm and household behaviour in a dynamic sequence of the labour and commodity markets when there is imperfect information about wage offers and the supply price of labour. The study is mainly theoretical but several empirical phenomena are shown to have an important interpretation within the framework of the model. Models of individual behaviour dealt with in the book increase our understanding of the working of an economic system out of equilibrium by providing the foundation for such dynamic processes as the Keynesian multiplier and the Phillips curve. The analysis points to a short-run dynamic process which exhibits Keynesian features when involuntary unemployment coexists with frictional unemployment and Neoclassical features when involuntary unemployment falls to a very low level.

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    Product details

    • Date Published: April 2009
    • format: Paperback
    • isbn: 9780521106061
    • length: 272 pages
    • dimensions: 216 x 140 x 16 mm
    • weight: 0.35kg
    • availability: Available
  • Table of Contents

    1. Introduction
    Part I. Producers:
    2. The supply of labour to the firm
    3. Production and the demand for labour
    4. Job offers: dynamic properties
    5. Changes in the supply of labour and prices
    Part II. Workers and Consumers:
    6. Job search
    7. Consumption and savings
    8. Interactions between consumption and job search
    9. Job search: dynamic properties I
    10. Job search: dynamic properties II
    11. Unemployment and on-the-job search
    12. Participation and job search
    Part III. Market Interaction:
    13. Short-run equilibrium and long-run extensions
    14. Towards a short-run macrodynamics
    15. Conclusion
    References
    Index.

  • Author

    Pissarides

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