Currency U.S. dollar imminent war, the culprit.

<P> 3 years ago, "Currency War," a book popular in the country. .3 years later, with the Bank of Japan after 4 years of zero interest rates again resorted to in order to prevent further appreciation of the yen; and the Australian dollar, Korean won and other currencies continued strength, its government claimed to intervene in currency markets. .The market suddenly exclaimed, currency war is really coming! .</ P> <P> then, the currency war, what exactly is the deep reason? .Is it true currency will perform a "Spring scrimmage?" .</ P> <P> dollar plunged many countries to intervene in the exchange rate </ P> <P> 9 15, Wednesday, when the pointer go to Beijing 11:30, traders are suddenly aware of the super push up pay .dollar against the yen. .And because the rapid turnover enlarged list of retail level has been difficult to enter for the first time. .Day, the dollar closed at 85.55 against the Japanese yen, or 2.99%, nearly 5 months to record its biggest one day gain. .Difficult to understand is that just the day before the currency hit a 15-year low. .</ P> <P> alarming is that, then Japanese Finance Minister publicly confirmed wild Tianjia Yan, Japanese Finance Ministry had foreign exchange intervention, but declined to intervene in size. .Nevertheless, the yen has not been so out of sharp appreciation of fate. .As of last Friday's close, the U.S. dollar against the yen since January to close at 81.9,9 has fallen nearly 3%. .</ P> <P> sharp appreciation of the yen weakening exports and the economic slowdown home and less abroad, the Bank of Japan announced on October 5 inter-bank unsecured overnight call rate down to zero from 0.1% to 0.1%. .Not only is this the line to restart the first time since 2006, zero interest rate policy, is shot twice within 1 month intervene in currency markets. .Unfortunately, according to statistics, 1 October to 8 fall between the U.S. dollar against the yen is still about 2%. .</ P> <P> International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn said 7 days, as countries around the world lack of coordination between monetary policy, "currency war" may occur. .And if that is the "war" means that participants not only the yen side. .In fact, including the Korean won recently, the Australian dollar, Brazilian real, the euro and other currencies out of the unilateral strong market. .Abnormal rise in national currency, some countries have emitted the signal, or the central bank has intervened in the exchange rate. .Currency War has triggered! .</ P> <P> data, October 1 to 8, the euro gained 2.2% against the dollar, close to 8 months to high; Australian dollar rose 2.2% to 0.9851 total, a record 27 year high .level; dollar won, the dollar is down against the Thai baht were 1.8%, 1.5%. .Since the latter of which in one fell swoop hit its lowest level since August 2007. .</ P> <P> However, the Japanese central bank intervention in currency markets as a winter wildfire, a "currency war" has followed the smoke into the sky. .One South Korean government said that in order to prevent the inflow of foreign capital over the impact of won, want to strengthen the foreign exchange derivatives. .In view of potential volatility in currency markets recently, plans to intervene when necessary. .Statistics show that South Korea currently holds U.S. Treasury bonds has risen to the highest point since March this year, $ 39,300,000,000; 4, the Brazilian government called for the stability of the Brazilian real currency, increasing foreign investors for fixed income investments in Brazil's financial .operating tax rate to 4%, also approved an increase in the local market to absorb dollars, </ P> <P> dollars buried quantitative easing "evil" </ P> <P> 1914 年 6 months, the Sarajevo War lit up directly .4 years smoke. .The source of the money behind the war what is it? .</ P> <P> Thunder Guotai Junan Li, chief economist to the "Daily News" said the direct cause of war, the U.S. dollar currency devaluation, resulting in other currencies against the U.S. dollar. .But in the end, the most essential reason is the market expected the Fed will start the second round of quantitative easing, eventually lifting the dollar lower long-term expectations. .The fact is that many countries tend to rely on currency depreciation to boost the economy, but the results while filling a substantial influx of commodity hedge funds, gold and other assets, resulting in inflation expectations increase; on the other hand, the financial crisis, national policy is more .tend to short-term. .In this way not only failed to improve the balance sheet, but the stimulus by means of quantitative easing growing debt levels. .</ P> <P> "because November will be held in the Federal Reserve meeting on interest rates, so the strength of short-term non-US currencies will be high probability events, which is why governments did not intervene in currency markets to boost the currency after the reasons," Lee said Thunder ."But it is worth noting that, due to more competitive U.S. long-term, long term U.S. dollar is likely to be reversed." </ P> <P> data, October 1 to 8, the dollar index fell .2%, 9 single month plunged more than 5%, so the dollar index since the second half of this year the cumulative drop of 10%. .The reporters found that the first half of 2000 to the end of the year and a half year to 21, only hit in the first half of 2002 the largest decline of 9%, during an average of 0.6%. .</ P> <P> Dongguan Yu Jie, deputy director of Securities Research Institute, told reporters that the money is the root cause of war, the United States want to restart the quantitative easing, and ultimately the depreciation of the dollar and stimulate exports purposes. .It is worth mentioning that such a move is equivalent to the expense of future benefits in exchange for immediate, in order to shift the financial crisis losses. .But in that case, the U.S. dollar currency long-term dominance will certainly be shaken. .Even so, other countries are more likely to just say do not do, in the hedge funds have entered the commodity market conditions, currency intervention alone is simply very difficult to reverse the trend depreciation of the dollar. .</ P> <P> Geithner made "multilateral cooperation," the first step </ P> <P> yesterday (October 10) the end of the IMF and World Bank annual meeting, U.S. Treasury Secretary Gate .more satisfied implicitly expressed the views of the current international monetary situation, because he did not put the finger at China. .He believes that economic development in some countries should not harm other countries, built on the basis of economic interests. .Most developed countries, domestic consumption in emerging markets while driving should promote exports, so as to make them (manipulator) of the currency appreciation. .</ P> <P> In addition, he also pointed out that, IMF rebalance the world economy which plays an important role, should play the role of commander in chief to support a number of countries for the economy to balance the action. .Some media said, following the adoption of the House Ways and Means Committee Chairman Geithner Levin, Sander "multilateral cooperation programs," after the first step. .Not long ago, the U.S. House of Representatives by 348 votes to just 79 votes by a large proportion of the "exchange rate reforms to promote Fair Trade Act." .</ P> <P> However, most developed and the exchange rate issue that still need to be treated with caution. .Many heads of state and finance ministers are concerned that recent exchange rate in some countries (eg China) will provoke more stress imposed by a strong resistance. .Popular "currency war" the statement from Brazil Finance Minister 吉多曼特加 September 27 announced the Brazilian government will intervene in currency markets when the statement. .</ P> <P> International Monetary Fund (IMF) Managing Director Dominique Strauss - Kahn said: "IMF should be 'better' in capital flows, foreign exchange reserves and exchange rates work. When necessary, IMF .the appropriate files will be introduced to illustrate the economic stability in the 'systemic stability initiatives' importance in the. </ P> <P> However, Geithner appointed for IMF "economic rebalancing commander in chief" of the hat, he did not .shy and slightly humorous when he said: "Although the IMF should play a leading role, but we trade and exchange rate policies affect the country's poor record is obvious, after all, it is difficult to trade-offs among the interests of many countries. ."</ P> <P> CASS financial Cao Honghui, director of the financial markets believe that the current United States is pursuing the" quantitative easing "monetary policy makes a lot of liquidity, further depreciation in the dollar, but also lead to other countries .currency appreciation pressure intensified. </ P> <P> just concluded in Washington in seven western countries (G7) finance ministers and central bank governors meeting, the G-7 reached a consensus, will cooperate to avoid exporting countries to stimulate the economy while maintaining .the competitive devaluations of events. </ P>.

Dispute over the exchange rate indicates that the world economy will be big changes.

<P> 7th of this month, the IMF's Strauss-Kahn warned that if some countries tried to use the exchange rate tools to address its problems, this is risky because the currency could trigger war. .</ P> <P> Kahn's argument was very kind. .From the situation in recent months, the currency in some places, in fact, the war broke out. .By the U.S. dollar continued to depreciate against major currencies due to exchange rate of the dispute, but the problem of representation, and its essence is that the overall pattern of the world economy is undergoing fundamental change. .</ P> <P> According to statistics, this year, all major economies, currencies against the U.S. dollar continued to rise. .If the yen against the dollar in the past two months has been repeatedly hit a new high in 15 years, the Australian dollar against the U.S. dollar in the past month has been accumulated by 8.3%. .The euro against the dollar in the past week has increased by 2.3%. .</ P> <P> In addition, a considerable part of the country or region emerging economies currencies in the past few months the rapid rise against the dollar. .Especially those highly dependent on foreign demand, export-oriented economy, its currency's rapid appreciation against the U.S. dollar has been a serious threat to the local export enterprises, affecting the local economy. .</ P> <P> this end, the economy is smoking on the currency of this war has shown a high degree of apprehension. .Late last month, Brazilian Finance Minister said, we are in a currency war. .General devaluation of national currencies, which poses a threat to us. .Brazil will take decisive action to prevent excessive appreciation of their currencies. .</ P> <P> Prior to this, Japan is suddenly in the Sept. 15 implementation of the intervention in the foreign exchange market intervention operations. .Subsequently, other countries and economies have also pledged to intervene in the market to intervene. .For example, South Korea expressed its readiness to intervene when necessary, India and Thailand issued a similar warning to take appropriate action. .</ P> <P> dispute in this exchange rate, the target than the largest two countries. .Although China in this global financial crisis, very quickly adopted special measures to stimulate their economies, and for the world economy has created conditions for the recovery of precious, but the United States does not appreciate, is still forced to take on the attitude of China's exchange rate. .</ P> <P> the United States and some countries with developed economies, why do it? .If we look only to the two countries to look, just staring at the RMB exchange rate, may be too narrow field of vision is not conducive to see the heart of the problem. .If we developed economies, the current situation can have a little more understanding, I am afraid to think different. .</ P> <P> First, the 2008 outbreak of the international financial crisis in the U.S. fire. .Over the years the U.S. government and residents caused by excessive deficit spending and trade deficits, has long been the U.S. economy can not get into a quagmire. .Although the outbreak of the financial crisis was brewing at home the consequences of financial speculation, but it is a reflection of U.S. economic structural imbalances, long-term imbalance is a reflection of the world economy. .</ P> <P> Now, the United States to get rid of "twin deficits" of the entanglement, the most good way is to let the dollar fall. .This will allow other countries to bear the costs of economic adjustment, the United States, resulting in U.S. dollar assets in other countries has shrunk dramatically, exports have slowed, competitiveness weakened rapidly, while the United States to influence by playing in major U.S. markets, and reap speculative gains, while expanding the U.S. .exports in order to fix loopholes in the twin deficits. .</ P> <P> history, the U.S. has done so, and now the United States is doing. .Now, the United States not only put pressure on the yuan, against other major currencies have depreciated to the offensive. .Among them, especially export-known for emerging economies to take a depreciation of the strategy. .Why? .Because the administration to create jobs, exports doubled in the implementation plan, implementation of the "re-industrialization", not how the line with the depreciation of the dollar? .</ P> <P> look at the situation in other developed economies, particularly in developed economies in Western Europe and the Nordic conditions. .Recently, high-welfare states are experiencing these problems there are two, one is a sovereign debt problem, the other is the extension of employment. .These two issues is the recent spread north-western Europe countries, as well as mass protests continued, the strike continued. .Why do some places will burst out of these two problems? .</ P> <P> the one hand, there are similarities between these countries and the United States, the use of financial leverage over the government and people over-spending, resulting in debt; the other hand, in the economic structure and industrial structure problems exist on the hollow ., also makes these high-welfare state is very fragile economic base; coupled with social welfare standards, requiring huge financial support, if the economy is a problem, it is difficult to maintain this standard. .</ P> <P> so, whether it is in the U.S. and some developed countries in northwest Europe, are now facing a triple challenge: how to compress expenditure, the second is how to create jobs and the third is how to increase exports. .In the current round of severe financial crisis has not subsided when taken inappropriately tight fiscal policy, increasing employment, on the economic recovery is very bad. .In this case, can choose only the increase in exports. .</ P> <P> Now, when developed economies began to turn around tip, through currency depreciation to improve the export competitiveness of their products, began to reshape the country's manufacturing industry, increase exports and earn foreign exchange earnings, when the world .trade patterns are being re-shuffling of the time, does it mean? .Especially those in East Asia has long been dependent on exports to maintain economic growth, economies, does that mean? .</ P> <P> conclusion is obvious that the original external demand environment has changed, the external power has decreased, even disappeared. .The resulting is, the entire world production structure, employment structure, product structure, trade structure, economic structure of the big changes. .It is now we are considering a variety of macro and micro issues, can not avoid the new situation. .</ P>.

Buffett said the global market better and better, "abandoned to vote shares of debt," the time has come.

<P> Although the latest U.S. payrolls data was disappointing, but the U.S. stock market remains strong, where the Dow is May 3 this year has once again closed at above 11,000 point mark. .Currently, Wall Street investors began to set his sights on third quarter earnings, but analysts said the Fed and the Bank of Japan take the lead in the promotion of liberal, market liquidity, the U.S. stock market in the fourth quarter and the world still prognosis was good. .</ P> <P> opened the third quarter financial results </ P> <P> U.S. Labor Department data released on Friday showed U.S. non-farm jobs in September the number of the chain by 9.5 million, fell far more than the market .expected, while the unemployment rate in September remained at 9.6% level. .However, the data released, the U.S. stock market rise not fall, the Dow above 11,000 points on the successful stand last week, the cumulative increase of 1.6%, the S & P 500 Index and the Nasdaq composite index last week gained 1.7%, respectively, and .1.3%. .</ P> <P> Although the U.S. job market is still very weak, but the stock market has played a stimulating effect. .Financial Advice FinancialNetwork Grand Rohe market strategist, said the stock market than-expected employment data in the case is still rising, because these data showed once again that the Fed will take the second round of the quantitative easing policy measures. .</ P> <P> in the market expect the Fed to increase quantitative easing restart when a new round of U.S. public company earnings season has officially kicked off. .Alcoa data showed third-quarter profit of $ 61,000,000, down from $ 77,000,000 last year, but the company quarter revenue exceeded market expectations. .</ P> <P> this week, including Intel, JP Morgan Chase and enterprises including Google to hand over their transcripts, although some companies including Intel had previously bearish third quarter results, but analysts believe that these .Companies can have a huge impact throughout the market, the official earnings Bu Zhiyu major bad news. .At the same time, the latest quarterly reports, after the situation at least for the case of other companies reported quarterly to provide information. .The chief investment strategist at Prudential Financial Pula Fen said that even if economic data and disappointing corporate earnings, but started the second round of quantitative easing, the Fed's expectations, the stock market will continue to climb. .</ P> <P> global market getting better </ P> <P> as the November mid-term elections and the U.S. Federal Reserve meeting on interest rates before the most important economic data, employment data also increases the poor performance of the Federal Reserve launched a new .round of the possibility of incentives. .Some analysts expect the second round of quantitative easing, the Fed will reach 500 billion U.S. dollars, due to round up the main driver of U.S. stock market is the Fed's easing is expected, the Fed would buy bonds to increase market liquidity, investors will also be the Federal Reserve .act as entry signals. .</ P> <P> Pacific Investment Management Co. Gross, founder and chief investment officer, said recently that if the Fed to stimulate economic growth in the next few years, the success of the plan, then the stock market will be the main beneficiaries. .At the same time, the stock will more than bonds, the most appropriate investment vehicle. .Similarly, Warren Buffett said recently, the bond is in the bubble phase, the stock is more expensive than bonds, it is time to return from bond investments over equity investments. .</ P> <P> While investors worried about the global economy faces the threat of second bottom in the third quarter, most of the world stock markets continued to rise, more large-scale European and American stock markets rebounded. .U.S. stocks experienced a gray market in August, the pace of its rise has not ceased. .Some analysts expect, "abandoned to vote shares of debt" is becoming a trend, coupled with the U.S. and Europe continue to stimulate the economy at the fourth quarter, global stock markets are still crowded. .In addition, the Federal Reserve or the second round of quantitative easing oil prices pushed up oil prices expected to rise another 6%. .</ P>.

China opposes IMF quota reform will be linked with the RMB exchange rate.

<P> China, People's Bank (central bank) governor Zhou Xiaochuan said in Washington on Saturday, the International Monetary Fund (IMF) share of the RMB exchange rate reform and other issues are not linked to the mainstream sound. .He also said that China's currency reform would not take so-called "shock therapy", will be a gradual manner. .</ P> <P> Zhou Xiaochuan, was in Washington attending the IMF and World Bank. .Recently, the share of voice advocating reform of the IMF and the RMB exchange rate pegged to ask China and other emerging economies to take on more responsibility, Zhou Xiaochuan pointed out that two years from now about the financial crisis, the IMF quota reform and other responsibilities is not linked .mainstream sound, the sound is to make the mainstream IMF more representative, so that different types of countries worldwide, particularly in emerging markets and developing countries on the IMF have a greater sense of trust, so the need to adjust the share. .</ P> <P> Zhou Xiaochuan said China never say no to assume more responsibility, China not only consider their own interests, but also consider the global economic cooperation, there are difficulties for individual countries, China has also given support and assistance within its capacity .. .</ P> <P> Zhou Xiaochuan pointed out that the G20 summit in London in 2009, make the IMF more countries to discuss the financial resources to support countries hit by the crisis, when China had subscribed 500 billion IMF debt. .</ P> <P> IMF and the World Annual Meetings in Washington, the opening day. .IMF reforms and exchange rate issue is the annual focus. .It is reported that China in the IMF's voting power may be increased from its current sixth place third, even more than Japan in second place. .But European countries have been reluctant to give up share, had actively supported the share of the adjusted share of the United States has suddenly proposed adjustment and exchange rate reform will be linked to an attempt to force through reform of the RMB appreciation. .</ P> <P> Zhou Xiaochuan said in January 2011 before the completion of IMF governance reform, restructuring and share that optimism. .</ P> <P> Pittsburgh last September's G20 financial summit IMF and World Bank agreed to share the two bodies were transferred to developing countries at least 5% and 3%. .This year in April, the World Bank to complete the voting rights reform, the developed countries to developing countries 3.13 percent of the voting rights, voting rights of developing countries as a whole increased to 47.19%. .</ P> <P> IMF's Strauss-Kahn said 9, IMF quota reform may be in the "weeks" to complete. .</ P> <P> for the RMB exchange rate, Zhou Xiaochuan, said the RMB exchange rate to adjust short-term efforts seem small, but in 5 years or 20 years longer period of time to see the situation is different. .Stressed that China's exchange rate has been responsible approach taken by the financial crisis, some of the economies significantly lowered the currency of the currency, but China was not to do so. .</ P> <P> In addition, a seminar the other day, according to Zhou Xiaochuan reiterated that China will promote the currency reform at their own pace. .He said the Chinese currency reform will be a gradual manner, rather than take the so-called "shock therapy." .</ P> <P> IMF's Strauss-Kahn 9, also has denied: "I have not heard anyone say (IMF) conditions and the share of reforms on the exchange rate. The two are not necessarily linked." Line of the People's Bank of China .Long Zhou Xiaochuan attended the meeting in Washington, also said, IMF's quota reform is to make the organization more representative, so that their confidence in the world to make the world a healthier economy. .</ P>.

China's foreign debt balance of U.S. dollar debt over Qicheng if the dollar will stop the collapse of the share.

Administration of the State foreign exchange reserves <P> 9 to the latest statistics show that as of 6 at the end of 2010, China's foreign debt (excluding Hong Kong, Macao and Taiwan's external debt) amounted to 513.81 billion U.S. dollars. .</ P> <P> where the highest share of U.S. dollar debt over the previous year rose 4.34 percentage points to 72.1%. .</ P> <P> In addition, the share of yen debt and euro debt were decreased, which accounted for 10.11% of debt yen, down more than 1.78 percentage points from the previous year. .</ P> <P> euro debt accounted for 4.51% over the previous year dropped 1.87 percentage points. .</ P> <P> the same time, former executives of Morgan Stanley Stephen Roach, said the recent series of U.S. domestic pressure on the yuan wrong way. .</ P> <P> He stressed that if the Chinese stop buying U.S. bonds, U.S. Treasuries interest rates will rise sharply to the dollar collapsed, the U.S. economy back into recession. .</ P>.

Global exchange rate hopeless war armistice.

<P> Global economic cooperation into a fragmented situation, "currency war" may be a new outbreak of fighting. .Prior to the weekend meeting of global finance ministers and central bank governors failed to reach any resolution. .</ P> <P> the world's major economies, exchange rate differences on the issue of an unprecedented large. .China accused the United States to pursue ultra-loose monetary policy, so a lot of money, such as flood flows to emerging economies, undermining the stability of the latter, while the United States insists that the International Monetary Fund (IMF) should strengthen attention to exchange rates and foreign exchange reserves .accumulation. .</ P> <P> lack of substantive agreement and the parties to the edge of reform proposals for the IMF policy of the Group of 20 may be in the (G20) summit in Seoul increase the month before the exchange rate volatility. .</ P> <P> the world's largest bond investment institutions - Pacific Investment Management Company (Pimco), chief executive Mohamed • El - Elian (MohamedEl-Erian) said: "The world was hopeful .response, but now is not in place of the national coordination of economic policies and increase the friction between nations increasingly replaced. "</ P> <P> major IMF communique issued after the meeting said the countries have adopted a" cooperation " .attitudes, but did not provide any evidence that major economies in the presence of differences to find common ground on any issue. .</ P> <P> IMF Managing Director Dominique Strauss • - Kahn (DominiqueStrauss-Kahn) calls upon States to take concrete action, not just copying the kind words. ."Language is invalid. Language can not change anything. Policies must be revised." </ P> <P> almost no indications that China let the yuan appreciate faster, and this is causing growing U.S. frustration. ."IMF must strengthen the national exchange rate policy and foreign exchange reserves accumulated practice of supervision," U.S. Treasury Secretary • Tim Geithner (TimGeithner) said. .</ P> <P> that pressure against China, now are being more aggressive resistance. .China's central bank governor Zhou Xiaochuan said at the IMF meeting, focus on the exchange rate is one-sided. ."The main reserve currency to continue the implementation of very low interest rates and unconventional monetary policy in emerging market countries to formulate and implement monetary policy has led to a serious challenge." </ P> <P> Ace Cornell University professor Walter • General .Prasad (EswarPrasad) said: "The Chinese are welcome to counter outside criticism of its exchange rate policy, the spearhead of attack shift in developed economies loose monetary policy and growing public debt, reflecting China's growing self-confidence and international pressure .strongly resisted. "</ P> <P> finance ministers of other countries on the British" Financial Times "said that they do not compromise on both sides of the attitude of despair. .South African Finance Minister Pravin • Gordon (PravinGordhan) said: "If you listen to Chinese, they have a view on the current situation. If you listen to the United States, and they had an argument. We must make mutual concessions." < ./ P> <P> to re-seize the initiative, IMF proposed a new mechanism, I hope by focusing on an economy affect other economies, to strengthen the organization's oversight of economic policy in different countries. .But experts do not think that this is expected to solve all the deep differences in policy. .</ P>.

2010 Nobel Prize in Economics "Whispering three".

<P> Beijing on October 11 evening, the 2010 Nobel Prize in Economics in Sweden announced. .U.S. economist 彼得戴蒙德 and 戴尔莫滕森, and has dual British and Cypriot economist Christopher Pisa Li Clerides three shared the 2010 Nobel Prize in Economics award. .</ P> <P> Royal Swedish Academy of Sciences said in a statement, the three economists with "economic policies affect the unemployment rate," further analysis of the theory, won the 2010 Nobel Prize in Economics laureate. .Three of the theory can explain many economic phenomena, including "Why, when there are many job vacancies, there are still many people are unemployed." .Created three economic models also help people understand the "rules and regulations and economic policies affect unemployment, vacancies and wages." .</ P> <P> 彼得戴蒙德 now 70 years old, has been hailed as economics, Paul Samuelson, dean of economics "prodigy." .He graduated from Yale University in 1960, bachelor's degree in mathematics; 1963, only 23 years old to obtain a doctorate in economics from Massachusetts Institute of Technology. .</ P> <P> from 1966 to date, Diamond has taught at MIT. .2002 to 2003, Diamond was elected President of the American Economic Association. .Earlier, U.S. President Barack Obama as the Federal Reserve Board member who 提名戴蒙德. .</ P> <P> It is understood that Diamond is the author of overlapping generations model, social security, pensions and tax expert, he has made many important contributions to the field, including: government debt and capital accumulation, .capital markets and risk sharing, tax system, labor market, trading with each other match, social security issues. .His representative works include: "Social Security Reform," "taxation, imperfect competition and social security", "time", etc., and the upcoming "Saving Social Security: a balanced path." .</ P> <P> 71-year-old 戴尔莫滕森 is professor of economics at Northwestern University, he was in the United States bachelor's degree in economics from Willamette University, then at the Carnegie - Mellon University, Economic .PhD. .In 1965, he has taught at Northwestern University. .</ P> <P> Mortensen in the labor market research and related theories groundbreaking academic achievements in the field. .In addition, he in the job market labor adjustment and resettlement areas of research are considerable achievements. .Mortensen also won the 2005 IZA Prize in Labor Economics, 2000, became Fellow of American Academy of Arts and Sciences, the United States in 1979, Econometric Society, Alexandria, 1965 - Henderson Award. .</ P> <P> from the London School of Economics Christopher Pisa Li Clerides, was born in Cyprus in 1948, 1970, BA in Economics, University of Essex, in the same University in 1971 .Economics from the London School of Economics, then he went to school, in 1973 received a Ph.D. in economics at the school, and his PhD supervisor is through mathematical economist Morishima husband. .</ P> <P> Pisa Li Clerides is currently Professor of Economics, London School of Economics, is a university research center to study the economic performance of the project's director, since 1976 he has been at the center office. .He is Fellow of the British Academy and the United Kingdom Econometrics Association. .</ P> <P> his main academic contributions include matching function based on the macroeconomic unemployment search and matching theory, the structural economic growth. .He also promoted the establishment of the concept of the matching function, the function of a particular period of time used to explain the flow of the unemployed to employment status, he was estimated using the experience of the function's one of the pioneers. .Recently, his research focused on several areas of macroeconomics, the most important labor, economic growth and economic policy. .Pisa Li Clerides in 2005 and Mortensen also shared the IZA Prize in Labor Economics. .His masterpiece is the "equilibrium unemployment theory" has been regarded as the standard textbook economics of unemployment. .</ P> <P> Some experts believe that it is able to get three economists the Nobel Prize in 2010, with the current global economic conditions, high unemployment, the recovery in the large background. .Diamond in the contribution of overlapping generations model helps to find a prescription to stimulate consumption, Mortensen and Pisa Li Clerides contribution of unemployment contribute to research and resolve to find the disease without job growth, these are the world economy .major economies, the urgent need to resolve. .</ P> <P> According to the Royal Swedish Academy of Sciences description, the three winners will share 10 million Swedish kronor (about $ 1,460,000) of the Nobel Prize. .</ P>.