![]() Asset pricing and dynamic macroeconomic equilibrium models. As a concrete demonstration, we apply the proposed method to study the Mortensen{Pissarides search and matching model (Pissarides (1985), Mortensen and Pissarides (1994), Pissarides (2000)), which is the standard theory for equilibrium unemployment. This book focuses on the modeling of the transitions in and out of unemployment, given the stochastic processes that break up jobs and lead to the formation of new jobs, and on the implications of this approach for macroeconomic equilibrium and for the efficiency of the labor market. 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. This book focuses on the modeling of the transitions in and out of unemployment, given the stochastic processes that break up jobs and lead to the formation of new jobs, and on the implications of this approach for macroeconomic equilibrium and for the efficiency of the labor market. This approach to labor market equilibrium and unemployment has been successful in explaining the determinants of the 'natural' rate of unemployment and new data on job and worker flows, in modeling the labor market in equilibrium business cycle and growth models, and in analyzing welfare policy. 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. For PowerPoint 2007: View the appropriate slide in normal view where you want to insert the converted video. To start your movie by clicking the mouse, click When Clicked. Powerpoint for mac play video automatically. Click on Insert tab and select Movie to insert video into PowerPoint just as in PowerPoint 2003. To play the movie automatically, click automatically. And if you want to use Windows on the Mac, you can also with Boot Camp. Video downloader for mac 10.9.5.
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