Christopher Pissarides wins economic Nobel

Thursday 14 October 2010

Professor Chris Pissarides of the London School of Economics (LSE) has today been awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, jointly with Professors Peter Diamond and Dale Mortensen.

Professor Pissarides is a fellow of the Economic and Social Research Council (ESRC) Centre for Economic Performance, (CEP), at the LSE where he works on the macro programme. Some of his work with Dale T. Mortensen, who shared the Prize, was published as a CEP Discussion Paper in April 1999.

Professor Paul Boyle, Chief Executive of the ESRC, commented:

"I would like to offer my congratulations to Professor Pissarides. His work demonstrates the value of highly skilled economists to the UK. Professor Pissariedes’s work helps us to better understand the challenges we face as a society and as individuals by researching topics on wages and employment. We are all very pleased to see the achievements in UK social science being recognised."

The Minister for Universities and Science David Willetts said:

"I'm delighted to congratulate Prof. Pissarides on receiving this highest of awards.  This is a remarkable achievement which recognises his extremely important contribution to advancing our knowledge of how unemployment, job vacancies and wages are affected by regulation and policy"

Professor John Van Reenen, Director of CEP comments on the award:

'Hearty congratulations to LSE's new Nobel Laureate, Chris Pissarides.'

'Chris has been a cornerstone of life at the Centre for Economic Performance (CEP) since our foundation in 1990 and has led our successful programme on macroeconomics, particularly on unemployment.'

'I am delighted that Chris has been recognised for his outstanding work in understanding how markets really work.  Rather than assuming that workers were being smoothly and instantaneously matched with jobs as in traditional models, he elegantly modelled the process by which both sides are constantly searching for opportunities to find the right match.'

'These "frictions" matter substantially for our understanding of movements between jobs and unemployment. They are not mere analytical inconveniences but fundamental to our analysis of aggregate unemployment and business cycles.'

'The problem of unemployment is the major challenge facing policy-makers today after the worst recession since the Second World War. Not only has Chris been intellectually engaged with the foundations of economics, but he has also applied these principles to understanding policy issues, especially in Europe.'

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