Dale T. Mortensen will review the response of the U.S. labor market to the financial crisis that set off the Great Recession and then discuss the "Long Slump" that followed in his talk, "The Great Recession...And After." Mortensen’s lecture is free and open to the public.
It will be given at 4:30 p.m. Thursday, March 1, in Gailor Auditorium on the University of the South campus.
The talk will address questions such as: Why has the recovery been "jobless"? What is the role of mismatch? What are the policy options and the constraints on policy choices? What are the risks to the U.S. of the continuing Euro crisis?
Dale T. Mortensen pioneered the theory of job search and extended it to study labor turnover, research and development, personal relationships, and labor reallocation. The model he helped develop has become the leading technique for the analysis of labor market fluctuations and the effects of labor market policy. His publications include more than 50 articles and a book, Wage Dispersion: Why Are Similar Workers Paid Differently? A new book, jointly authored with Christopher Pissarides and entitled Job Matching, Unemployment, and Wage Dispersion was published in 2011.
Mr. Mortensen was awarded the 2010 Nobel Prize in Economic Sciences together with Pissarides and Peter Diamond for their contributions to the analysis to "Markets with Search Friction." He is the Ida C. Cook Professor of Economics at Northwestern University, a research associate of the National Bureau of Economic Research, and a research fellow of the Institute for the Study of Labor. He received his B.A. in Economics from Willamette University in 1961 and his Ph.D. in Economics from Carnegie-Mellon University in 1967. Mortensen is a fellow of Econometrica Society, the Society of Labor Economics, and the European Economic Association. He was awarded the IZA Labor Economics Prize in 2005 and the Society of Labor Economics Mincer Prize in 2007.
The talk is sponsored by the Georgescu-Roegen Lecture Series.