Christopher A. Pissarides (1948–)

  • Etienne WasmerEmail author


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.


Labour markets Active labour market policies Equilibrium unemployment Sectoral change Balanced growth path 


Main Works by Christopher A. Pissarides

  1. Ioannides, Y.M. and C.A. Pissarides (2015). ‘Is the Greek Crisis One of Supply or Demand?’. Brookings Papers on Economic Activity, Fall: 349–383.Google Scholar
  2. Mortensen, D.T. and C.A. Pissarides (1994). ‘Job Creation and Job Destruction in the Theory of Unemployment’. Review of Economic Studies, 61(3): 397–415.CrossRefGoogle Scholar
  3. Mortensen, D.T. and C.A. Pissarides (1998). ‘Technological Progress, Job Creation, and Job Destruction’. Review of Economic Dynamics, 1(4): 733–753.CrossRefGoogle Scholar
  4. Mortensen, D.T. and C.A. Pissarides (1999a). ‘New Developments in Models of Search in the Labor Market’. Chapter 39 in O. Ashenfelter and D. Card (eds) Handbook of Labor Economics. Volume 3. Amsterdam: Elsevier: 2567–2627.Google Scholar
  5. Mortensen, D.T. and C.A. Pissarides (1999b). ‘Job Reallocation, Employment Fluctuations and Unemployment’. Chapter 18 in J.B. Taylor and M. Woodford (eds) Handbook of Macroeconomics. Volume 1B. Amsterdam: Elsevier: 1171–1228.Google Scholar
  6. Mortensen, D.T. and C.A. Pissarides (1999c). ‘Unemployment Responses to “Skill-Biased” Technology Shocks: The Role of Labour Market Policy’. Economic Journal, 109(455): 242–265.CrossRefGoogle Scholar
  7. Mortensen, D.T. and C.A. Pissarides (2011). Job Matching, Wage Dispersion, and Unemployment. Edited by K. Tatsiramos and K.F. Zimmermann. Oxford: Oxford University Press.Google Scholar
  8. Ngai, L.R. and C.A. Pissarides (2007). ‘Structural Change in a Multisector Model of Growth’. American Economic Review, 97(1): 429–443.CrossRefGoogle Scholar
  9. Petrongolo, B. and C.A. Pissarides (2001). ‘Looking into the Black Box: A Survey of the Matching Function’. Journal of Economic Literature, 39(2): 390–431.CrossRefGoogle Scholar
  10. Pissarides, C.A. (1972). ‘A Model of British Macroeconomic Policy, 1955–1969’. Manchester School of Economic and Social Studies, 40(3): 245–259.Google Scholar
  11. Pissarides, C.A. (1976). ‘Job Search and Participation’. Economica, New Series, 43(169): 33–49.CrossRefGoogle Scholar
  12. Pissarides, C.A. (1979). ‘Job Matchings with State Employment Agencies and Random Search’. Economic Journal, 89(356): 818–833.CrossRefGoogle Scholar
  13. Pissarides, C.A. (1983). ‘Efficiency Aspects of the Financing of Unemployment Insurance and Other Government Expenditure’. Review of Economic Studies, 50(1): 57–69.CrossRefGoogle Scholar
  14. Pissarides, C.A. (1984a). ‘Search Intensity, Job Advertising, and Efficiency’. Journal of Labor Economics, 2(1): 128–143.CrossRefGoogle Scholar
  15. Pissarides, C.A. (1984b). ‘Efficient Job Rejection’. Economic Journal (Supplement: Conference Papers), 94: 97–108.Google Scholar
  16. Pissarides, C.A. (1985). ‘Short-Run Equilibrium Dynamics of Unemployment, Vacancies, and Real Wages’. American Economic Review, 75(4): 676–690.Google Scholar
  17. Pissarides, C.A. (1986). ‘Unemployment and Vacancies in Britain’. Economic Policy, 1(3): 499–541 and 548–559.CrossRefGoogle Scholar
  18. Pissarides C.A. (1987). ‘Review of The New Keynesian Economics: Unemployment, Search and Contracting, by J. Frank’. Economic Journal, 97(386): 510–512.CrossRefGoogle Scholar
  19. Pissarides, C.A. (1990). Equilibrium Unemployment Theory. First edition. Oxford: Basil Blackwell.Google Scholar
  20. Pissarides, C.A. (1992). ‘Loss of Skill During Unemployment and the Persistence of Employment Shocks’. Quarterly Journal of Economics, 107(4): 1371–1391.CrossRefGoogle Scholar
  21. Pissarides C.A. (1997). ‘Learning by Trading and the Returns to Human Capital in Developing Countries’. World Bank Economic Review, 11(1): 17–32.CrossRefGoogle Scholar
  22. Pissarides, C.A. (1998). ‘The Impact of Employment Tax Cuts on Unemployment and Wages; The Role of Unemployment Benefits and Tax Structure’. European Economic Review, 42(1): 155–183.CrossRefGoogle Scholar
  23. Pissarides, C.A. (2000). Equilibrium Unemployment Theory. Second edition. Cambridge, MA: MIT Press.Google Scholar
  24. Pissarides, C.A. (2001). ‘Employment Protection’. Labour Economics, 8(2): 131–159.CrossRefGoogle Scholar
  25. Pissarides, C.A. (2009). ‘The Unemployment Volatility Puzzle: Is Wage Stickiness the Answer?’. Econometrica, 77(5): 1339–1369.Google Scholar
  26. Pissarides, C.A. (2010). ‘Why Do Firms Offer “Employment Protection”?’. Economica, New Series, 77(308): 613–636.CrossRefGoogle Scholar
  27. Pissarides, C.A. (2011). ‘Equilibrium in the Labor Market with Search Frictions’ (Nobel Lecture). American Economic Review, 101(4): 1092–1105.CrossRefGoogle Scholar
  28. Pissarides C.A. (2013). ‘Is Europe Working?’. Regius Chair in Economics Inaugural Lecture. 12 December. Available at:
  29. Pissarides C.A. and G. Vallanti (2007). ‘The Impact of TFP Growth on Steady‐State Unemployment’. International Economic Review, 48(2): 607–640.CrossRefGoogle Scholar
  30. Pissarides, C.A. and J. Wadsworth (1989). ‘Unemployment and the Inter-Regional Mobility of Labour’. Economic Journal, 99(397): 739–755.CrossRefGoogle Scholar

Other Works Referred To

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Copyright information

© The Author(s) 2018

Authors and Affiliations

  1. 1.Division of Social ScienceNYU Abu DhabiAbu DhabiUnited Arab Emirates

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