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Christopher A. Pissarides (1948–)

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Abstract

Chris Pissarides has pioneered the concept of equilibrium unemployment arising from search and matching frictions. In his theory, unemployment is neither Keynesian nor classical, but results from a lack of information about job opportunities and imperfect knowledge of the location and skills of job seekers. This approach has major importance for the analysis of labor markets as well as aggregate policies. In particular, it emphasizes active labor market policies, the adverse effect of passive compensation, the importance of interest rates and aggregate demand, of adequate wage compensation, and the role of firm’s profits. In 2010, Chris received the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel together with Peter Diamond and Dale Mortensen for their work on markets with search frictions.

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Notes

  1. 1.

    Credit for this anecdote should be given to Rachel Ngai. The chapter, according to Chris, was Karlin (1962).

  2. 2.

    Stigler (1961, 1962) assumed the dispersion of prices and salaries. Only the distribution is known to economic agents. To have access to a draw from the distribution (obtain an exchange possibility, purchase a good or respond to a job offer), agents must pay a cost, which can either be a direct cost, a sampling cost or simply the cost of waiting for a new offer. Offers come in randomly and their dispersion is exogenous.

  3. 3.

    This discussion may not pay full justice to the considerable impact of the meeting at the University of Pennsylvania in January 1969 of nearly all the contributors to the classic Phelps (1970), as highlighted in a 2006 Nobel Prize-related ‘scientific background’ release about Phelps: ‘Phelps’s work here is a precursor of the search and matching theory of unemployment, where Peter Diamond, Dale Mortensen, and Christopher Pissarides have made especially important contributions’ (Kungl. Vetenskapsakademien 2006: 8). As a matter of fact—I thank Chris for this insight—the class of models in the so-called Phelps volume was criticised. To quote Chris from his Nobel Lecture (Pissarides 2011: 1092): ‘The articles in the Phelps volume, however, especially those by Phelps (1970) and Dale Mortensen (1970) which had explicit models of the Phillips curve, required a wage distribution to obtain the microfoundations of the Phillips curve. As Peter Diamond (1971) and Michael Rothschild (1973) pointed out, this was not consistent with the other assumptions of the models’.

  4. 4.

    Pissarides (1997).

  5. 5.

    ‘To resolve these questions, we only have two important further pieces of information—the behaviour of inflation and the behaviour of vacancies. Thus, roughly speaking, we increase our knowledge by almost 50% when we bring in vacancies’ (Layard 1986: 541).

  6. 6.

    As an illustration, the word ‘Europe’ appears 36 times in his resume (covering panels, associations, policy forums, article titles and discussions), whereas America, United States and USA appear only 12 times, mostly for journals and more rarely with respect to policy discussions.

  7. 7.

    Chris was apparently aware of the simplification and had revised the paper accordingly, but the 1984 publication (Pissarides 1984b) was a conference volume, and the organisers had already sent the submitted papers to the publisher.

References

Main Works by Christopher A. Pissarides

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Authors and Affiliations

  1. Division of Social Science, NYU Abu Dhabi, Abu Dhabi, United Arab Emirates

    Etienne Wasmer

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Wasmer, E. (2019). Christopher A. Pissarides (1948–). In: Cord, R.A. (eds) The Palgrave Companion to LSE Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-58274-4_35

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