Le prix Nobel 2010

Les marchés frictionnels

Translated title of the contribution: Nobel prize 2010: Markets with frictions

Etienne Wasmer

    Research output: Contribution to journalReview article

    Abstract

    50 years after George J. Stigler's seminal contributions on price and wage dispersion produced by the lack of available information, the 2010 Nobel Prize in memory of Alfred Nobel rewards three pioneers of the search and matching literature. In this article, rather than writing a new survey of the large number of contributions in this active field, we discuss some of its micro-foundations to show that they have a clear and compelling character; then we evoke the debates on the ability of the canonical macroeconomic model DMP (Diamond-Mortensen-Pissarides) to replicate stylized facts of the business cycle. We then show that unlike competitive models, the value of this model class is to generate non-trivial policy recommendations. Finally we discuss four tracks for future research: directed research; strategic wage bargaining within firms; on-the-job search; and finally, interactions with other market frictions, including financial and product markets.

    Original languageFrench
    Pages (from-to)637-666
    Number of pages30
    JournalRevue d'Economie Politique
    Volume121
    Issue number5
    StatePublished - Sep 1 2011

    Fingerprint

    wage
    market
    job search
    business cycle
    available information
    macroeconomics
    reward
    firm
    lack
    ability
    interaction
    Values
    literature

    Keywords

    • Business cycle
    • Frictions
    • Matching

    ASJC Scopus subject areas

    • Political Science and International Relations

    Cite this

    Le prix Nobel 2010 : Les marchés frictionnels. / Wasmer, Etienne.

    In: Revue d'Economie Politique, Vol. 121, No. 5, 01.09.2011, p. 637-666.

    Research output: Contribution to journalReview article

    Wasmer, E 2011, 'Le prix Nobel 2010: Les marchés frictionnels', Revue d'Economie Politique, vol. 121, no. 5, pp. 637-666.
    Wasmer, Etienne. / Le prix Nobel 2010 : Les marchés frictionnels. In: Revue d'Economie Politique. 2011 ; Vol. 121, No. 5. pp. 637-666.
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