October 13, 2010
Local Nobel Prize Winner
By Cindy Ivanac-Lillig
It is that time again. The 2010 Nobel Prize in Economics was awarded to three economists: Christopher Pissaredes, Dale Mortensen, and Peter Diamond. The prize was awarded for their work on "friction" in the employment market. They studied why and how it is that an economy can experience both high job vacancies and high unemployment. They focused on how policy decisions, such as increasing unemployment benefits, can extend the time it takes for the labor market to recover. Diamond, in particular, has argued that this longer time period has yielded better matches between employer and employee, thereby increasing long-term efficiencies in the labor market.
One of the two Americans is a local professor of managerial economics at Northwestern University, Dale Mortensen. And the other is Peter Diamond. In addition to being a professor at MIT, Diamond also happens to be a research associate at my undergraduate alma mater, Boston College. Diamond has also been nominated by President Obama to the Federal Reserve Board of Governors. The nomination is still pending.
Interesting and timely work -- please post any links you have found that may be interesting to others. Has anyone met or worked with Mortenson or Diamond?
Posted by Cindy at October 13, 2010 4:47 PM
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