Dale T. Mortensen and Christopher A. Pissarides are the recipients (with Peter Diamond) of the Nobel memorial Prize in Economics 2010. They have made path-breaking contributions to the analysis of markets with search and matching frictions, which account for much of the success of job search theory and the flows approach in becoming a leading tool for microeconomic and macroeconomic analysis of labor markets. Both scientists have gained groundbreaking insights through individual as well as joint research. Consequently, this volume not only features several papers which helped shape the...

The new macroeconomics is about distributions and flows, rather than points and intersections. Market frictions imply that the search for trading partners is time consuming and costly. Consequently, market participants flow between economic states, and trades occur at dispersed prices. This generates motives for continued search for better market opportunities, and for bargaining between potential trading partners. This volume takes the empirical analysis of markets with frictions to a new level by using unique merged registers from Denmark on firm accounting data, individual employee data,...

Dale T. Mortensen and Christopher A. Pissarides are the recipients (with Peter Diamond) of the Nobel memorial Prize in Economics 2010. They have made path-breaking contributions to the analysis of markets with search and matching frictions, which account for much of the success of job search theory and the flows approach in becoming a leading tool for microeconomic and macroeconomic analysis of labor markets. Both scientists have gained groundbreaking insights through individual as well as joint research. Consequently, this volume not only features several papers which helped shape the...