PHIILIP LEVERHULME PRIZE

Mike Elsby's research focuses on the interface between macroeconomics and labour economics, with a particular emphasis on developing a better understanding of high and volatile unemployment rates in developed economies from both theoretical and empirical perspectives. His recent work has examined the measurement of labour market flows over the business cycle and across firms, the economics of labour market adjustment costs, the role of trend wage growth on long-term increases in joblessness, and the aggregate labour market effects of downward rigidity in wages. His research is characterised by elegant and insightful theoretical models coupled with careful and detailed analysis of the data. He has already made a number of important contributions, providing a much richer and more comprehensive understanding of unemployment transitions and wage growth, and he has established himself as a leading expert in the theory and empirics of unemployment both in the US and the UK, as well as in other OECD countries.