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This book offers an integrated framework to study the theoretical and quantitative properties of economies with frictions in multiple markets. Building on analyses of markets with frictions by 2010 Nobel laureates Peter A. Diamond, Dale T. Mortensen, and Christopher A. Pissarides, which provided a new theoretical approach to search markets, the book applies this new paradigm to labor, finance, and goods markets. It shows, in particular, how frictions in different markets interact with each other.

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Nicolas Petrosky-Nadeau is Senior Economist at the Federal Reserve Bank of San Francisco. Etienne Wasmer is Professor of Economics at Sciences Po, Paris, where he is also Cofounder and Codirector of the Interdisciplinary Research Center for the Evaluation of Public Policies.

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