Course finder
Semester 2
Unemployment and Labour Market Dynamics (ECNM10100)
Subject
Economics
College
CAHSS
Credits
20
Normal Year Taken
4
Delivery Session Year
2023/2024
Pre-requisites
Visiting students must have completed the equivalent of at least 4 semester-long Economics courses at grade B or above for entry to this course. This MUST INCLUDE courses in: Intermediate Macroeconomics (with calculus); Intermediate Microeconomics (with calculus); Probability & Statistics; and Introductory Econometrics. If macroeconomics and microeconomics courses are not calculus-based, then, in addition, Calculus (or Mathematics for Economics) is required at grade B or above.
Course Summary
In this course we will explore the economics of frictional labour markets, and their implications for unemployment, imperfect labour market competition, wage inequality, and labour market dynamics. From a theoretical perspective, we will cover two canonical approaches to labour market frictions: models of wage posting, and models of search and matching. These will involve some introductory dynamic economic theory that is somewhat advanced for the undergraduate level. For this reason, the course is likely to be particularly useful to students who intend to pursue postgraduate work in economics. We will also apply these models to relevant empirical analogues; for example, the behaviour of labour market flows, the Beveridge curve, and so on. The course is taught through a programme of lectures and tutorials. Learning-by-doing, through problem solving and discussion of exercise sets, is an important ingredient of the course.
Course Description
Amongst other readings we will draw on: Pissarides, C., (2000) Equilibrium Unemployment, MIT Press, Cambridge, MA. Rogerson, R., R. Shimer and R. Wright (2005) "Search Theoretic Models of the Labour Market: A Survey", Journal of Economic Literature, 43(4), pp. 959-988. There will be homework exercises, similar in nature to exam questions. We will discuss solutions in the tutorials.
Assessment Information
Written Exam 85%, Coursework 15%, Practical Exam 0%
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Disclaimer
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