|Born|| 20 February 1948 |
|Institution|| London School of Economics 1976–present|
University of Southampton 1974–76
University of Cyprus 2011–present
Hong Kong University of Science and Technology 2013–present
|Alma mater|| London School of Economics |
University of Essex
|Contributions|| Macroeconomic search and matching theories of unemployment,|
|Awards|| IZA Prize in Labor Economics (2006)|
Nobel Memorial Prize in Economic Sciences
|Information at IDEAS / RePEc|
Sir Christopher Antoniou Pissarides // ; Greek : Χριστόφορος Αντωνίου Πισσαρίδης; born 20 February 1948 ) is a Cypriot economist. He is the School Professor of Economics & Political Science and Regius Professor of Economics at the London School of Economics, and Professor of European Studies at the University of Cyprus. His research focuses on topics of macroeconomics, notably labour, economic growth, and economic policy. In 2010, he was awarded the Nobel Prize in Economics, jointly with Peter A. Diamond and Dale Mortensen, "for their analysis of markets with theory of search frictions."(
Pissarides was born in Nicosia, Cyprus,into a Greek Orthodox family from the village of Agros.
Pissarides was educated at the Pancyprian Gymnasium in Nicosia.He earned bachelor's and master's degrees in economics from the University of Essex in 1970 and 1971, and a PhD in economics from the London School of Economics in 1973, under the supervision of the mathematical economist Michio Morishima for a thesis entitled "Individual behaviour in markets with imperfect information."
Pissarides is Regius Professor of Economics at the London School of Economics, where he has been since 1976.He is chairman of the Centre for Macroeconomics, which deploys economists from the University of Cambridge, the London School of Economics, the University College London, the Bank of England, and the National Institute of Economic and Social Research.
He has held a lectureship at the University of Southampton (1974–76), and visiting professorships at Harvard University (1979–80) and the University of California, Berkeley (1990–91).
He served as the chairman of the National Economy Council of the Republic of Cyprus during the country's financial crisis in 2012 and resigned to focus on his academic work at the end of 2014. In 2018, in collaboration with Naomi Climer and Anna Thomas, he set up the charity Institute for the Future of Work in London, to promote the establishment of good jobs in the era of automation and artificial intelligence.On February 2020 Greek prime minister Kyriakos Mitsotakis picked Pissarides to chair a committee tasked with drafting a long-term growth strategy for the country. From September 2020 he is chairman of the economic council of EuroAfrica Interconnector.
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Pissarides is mostly known for his contributions to the search and matching theory for studying the interactions between the labour market and the macro economy. He helped develop the concept of the matching function (explaining the flows from unemployment to employment at a given moment of time), and pioneered the empirical work on its estimation. Pissarides has also done research on structural change and growth.
One of his most well-known papers is "Job Creation and Job Destruction in the Theory of Unemployment" (with Dale Mortensen), published in the Review of Economic Studies in 1994.The paper was built on the previous individual contributions that both authors had made over the previous two decades.
The Mortensen–Pissarides model that resulted from the paper has been exceptionally influential in modern macroeconomics. In one or another of its extensions or variations, it is now part of the core of most graduate economics curricula throughout the world.
Pissarides's book Equilibrium Unemployment Theory, a standard reference in the literature of the macroeconomics of unemployment, is now in its second edition and was revised after his joint work with Mortensen resulted in the analysis of both endogenous job creation and destruction.
Robert Emerson Lucas Jr. is an American economist at the University of Chicago, where he is currently the John Dewey Distinguished Service Professor Emeritus in Economics and the College. Widely regarded as the central figure in the development of the new classical approach to macroeconomics, he received the Nobel Prize in Economics in 1995 "for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy". He has been characterized by N. Gregory Mankiw as "the most influential macroeconomist of the last quarter of the 20th century." As of 2020, he ranks as the 11th most cited economist in the world.
Sir John Hicks was a British economist. He is considered one of the most important and influential economists of the twentieth century. The most familiar of his many contributions in the field of economics were his statement of consumer demand theory in microeconomics, and the IS–LM model (1937), which summarised a Keynesian view of macroeconomics. His book Value and Capital (1939) significantly extended general-equilibrium and value theory. The compensated demand function is named the Hicksian demand function in memory of him.
The natural rate of unemployment is the name that was given to a key concept in the study of economic activity. Milton Friedman and Edmund Phelps, tackling this 'human' problem in the 1960s, both received the Nobel Memorial Prize in Economic Sciences for their work, and the development of the concept is cited as a main motivation behind the prize. A simplistic summary of the concept is: 'The natural rate of unemployment, when an economy is in a steady state of "full employment", is the proportion of the workforce who are unemployed'. Put another way, this concept clarifies that the economic term "full employment" does not mean "zero unemployment". It represents the hypothetical unemployment rate consistent with aggregate production being at the "long-run" level. This level is consistent with aggregate production in the absence of various temporary frictions such as incomplete price adjustment in labor and goods markets. The natural rate of unemployment therefore corresponds to the unemployment rate prevailing under a classical view of determination of activity.
Edward Christian Prescott is an American economist. He received the Nobel Memorial Prize in Economics in 2004, sharing the award with Finn E. Kydland, "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles". This research was primarily conducted while both Kydland and Prescott were affiliated with the Graduate School of Industrial Administration at Carnegie Mellon University. According to the IDEAS/RePEc rankings, he was the 19th most widely cited economist in the world in 2013. In August 2014, Prescott was appointed as an Adjunct Distinguished Economic Professor at the Australian National University (ANU) in Canberra, Australia.
Dale Thomas Mortensen was an American economist and Nobel laureate.
Thomas John Sargent is an American economist and the W.R. Berkley Professor of Economics and Business at New York University. He specializes in the fields of macroeconomics, monetary economics, and time series econometrics. As of 2020, he ranks as the 29th most cited economist in the world. He was awarded the Nobel Memorial Prize in Economics in 2011 together with Christopher A. Sims for their "empirical research on cause and effect in the macroeconomy".
Edmund Strother Phelps is an American economist and the recipient of the 2006 Nobel Memorial Prize in Economic Sciences.
Christopher Albert Sims is an American econometrician and macroeconomist. He is currently the John J.F. Sherrerd '52 University Professor of Economics at Princeton University. Together with Thomas Sargent, he won the Nobel Memorial Prize in Economic Sciences in 2011. The award cited their "empirical research on cause and effect in the macroeconomy".
Peter Arthur Diamond is an American economist known for his analysis of U.S. Social Security policy and his work as an advisor to the Advisory Council on Social Security in the late 1980s and 1990s. He was awarded the Nobel Memorial Prize in Economic Sciences in 2010, along with Dale T. Mortensen and Christopher A. Pissarides. He is an Institute Professor at the Massachusetts Institute of Technology. On June 6, 2011, he withdrew his nomination to serve on the Federal Reserve's board of governors, citing intractable Republican opposition for 14 months.
Georgios Alogoskoufis is a professor of economics at the Athens University of Economics and Business since 1990. He was a member of the Hellenic Parliament from September 1996 till October 2009 and served as Greece's Minister of Economy and Finance from March 2004 till January 2009.
In microeconomics, search theory studies buyers or sellers who cannot instantly find a trading partner, and must therefore search for a partner prior to transacting.
The Review of Economic Studies is a quarterly peer-reviewed academic journal covering economics. It was established in 1933 by a group of economists based in Britain and the United States. The original editorial team consisted of Abba P. Lerner, Paul Sweezy, and Ursula Kathleen Hicks. It is published by Oxford University Press. The journal is widely considered one of the top 5 journals in economics. It is managed by the editorial board currently chaired by Nicola Fuchs-Schündeln. The current joint managing editors are Thomas Chaney, Andrea Galeotti, Nicola Gennaioli, Veronica Guerrieri, Kurt Mitman, Francesca Molinari, Uta Schöenberg, and Adam Szeidl. According to the Journal Citation Reports, the journal has a 2018 impact factor of 4.767.
Étienne Wasmer is a French professor and economist currently holding a Professorship at New York University in Abu Dhabi. Wasmer mainly focuses on the fields of labor economics, job search theory, discrimination and human capital. He teaches microeconomics and labor economics.
Wouter J. den Haan is a professor of economics at the London School of Economics, research fellow and programme director of the CEPR, and co-director of the Centre for Macroeconomics. Currently, his main areas of interest are business cycles, frictions in financial and labor markets, and numerical methods to solve models with a large number of heterogeneous agents.
In economics, matching theory, also known as search and matching theory, is a mathematical framework attempting to describe the formation of mutually beneficial relationships over time.
Macroeconomic theory has its origins in the study of business cycles and monetary theory. In general, early theorists believed monetary factors could not affect real factors such as real output. John Maynard Keynes attacked some of these "classical" theories and produced a general theory that described the whole economy in terms of aggregates rather than individual, microeconomic parts. Attempting to explain unemployment and recessions, he noticed the tendency for people and businesses to hoard cash and avoid investment during a recession. He argued that this invalidated the assumptions of classical economists who thought that markets always clear, leaving no surplus of goods and no willing labor left idle.
The International Economic Review, (IER) is a quarterly peer-reviewed scientific journal in economics published by the Economics Department of the University of Pennsylvania and Osaka University. The journal's focus is wide and includes many areas of economics, including econometrics, economic theory, macroeconomics, and applied economics.
Martin Friedrich Hellwig is a German economist. He is the director of the Max Planck Institute for Research on Collective Goods since 2004, after spending his academic career as a professor at University of Bonn (1977–1987), University of Basel (1987–1995), Harvard University (1995–1996), and University of Mannheim (1996–2004). Between 2000 and 2004 he was the head of the German Monopolkommission. He is a fellow of the European Economic Association.
The Centre For Macroeconomics (CFM) is a research centre in London dedicated to the investigation and development of new methodologies and research in order to inform economic policy decisions. It also focuses on ways to alleviate the effects of the global economic crisis through its careful study. The CFM is funded by the Economic and Social Research Council (ESRC), and was founded in 2012. It is one of the larger research centers in the world dedicated to the study of financial crises.