it would to peter diamond and dale mortensen as well as british cyprian christopher pissarides. they help to explain how job unemployment is affected by economic policy. it considers the people looking for work in job centers like this remain unemployed despite numerous job openings. their work has impacted public policy around the world already. >> what is the affect on the unemployed? in particular, on the unemployment rate? raising the benefits. we have to understand how the unemployed search for jobs and how they are influenced by getting paid better while they are unemployed. >> one of the three christopher pissarides,, says no one should give too long without work. that leads to resignation and people lose the motivation to return to the labour market. >> there should be support for the unemployed. you don't want a society of a small percentage of workers that suffer. there should be support, but at the same time, that should port should be -- that support should be targeted on the condition of looking for a job and being prepared to take a job. >> the three economists wil

it would to peter diamond and dale mortensen as well as british cyprian christopher pissarides. they help to explain how job unemployment is affected by economic policy. it considers the people looking for work in job centers like this remain unemployed despite numerous job openings. their work has impacted public policy around the world already. >> what is the affect on the unemployed? in particular, on the unemployment rate? raising the benefits. we have to understand how the unemployed search for jobs and how they are influenced by getting paid better while they are unemployed. >> one of the three christopher pissarides,, says no one should give too long without work. that leads to resignation and people lose the motivation to return to the labour market. >> there should be support for the unemployed. you don't want a society of a small percentage of workers that suffer. there should be support, but at the same time, that should port should be -- that support should be targeted on the condition of looking for a job and being prepared to take a job. >> the three economists wil

. >> peter diamond, dale mortensen and christopher pissarides were given the nobel prize for their theory on unemployment that explained how optic -- market obstacles keep people jobless even while there are plenty of job vacancies. they receive a 1 $25 million prize for their work. -- a $1.5 million prize for their work. a perfect end to the holiday weekend. how long will this warm weather last? >> speaking of which, it was a beautiful day at the stadium this survey. i will give you the very latest from redskins park today. and i will hand out the game balls. -n( music playing ) the game - we know technology can make you more connected. but now it can make you more connected to your doctor through e-mail. test results from home. check records. change appointments. now doctors, nurses, techs, pharmacists are all digitally connected to each other. and ultimately connected to you. at kaiser permanente, we believe that if knowledge is power, shared knowledge is even more powerful. kaiser permanente. thrive. >> tonight, the republican candidate for new york governor is clarifying some comment

dale mortensen of northwestern university in evanston, illinois, and christopher pissarides of the london school of economics. their research shows why many people remain unemployed at times, despite large numbers of job openings. it also explains that jobless rates do not necessarily decline based on economic policy and regulation. the three economists claim that improving public services can actually raise jobless rates. the royal swedish academy of sciences says their theories are applicable to monetary policies and public economics. >> it's an important full message from sweden, so to took me as surprise. i thought i was hallucinating for the moment. >> professor mortensen was giving a lecture in denmark, where his father was born, when he heard the news. >> at the moment very overwhelming and i imagine it will get worse before it gets better, but happy, too. >>> a u.s. biotechnology firm says it has started the world's first test using embryonic stem cells on a human patient. geron corporation said on monday it's treating a patient with spinal paralysis. researchers are enjecting emb

s peter diamond, northwestern's dale mortensen and christoper pissarides from the london school of economics will equally share $1.5 million. in april, president obama nominated diamond to the federal reserve, but the senate has yet to approve his nomination. a hearing is expected when lawmakers return. still ahead, the do's and don'ts of picking stocks in the currently unpredictable market. >> jeff: here's a surprise, the saudi oil minister would prefer to see energy prices fall a bit. the minister said again today that oil should trade between $70 and $80 a barrel. crude futures settled at $82.21, down $0.45 in new york trading. despite the move, crude is up 12% since the beginning of september. erika miller explains why oil prices are rising, and how that could affect the economy and your wallet. >> reporter: normally oil traders don't have time to sit down and chit chat. but today was different. the columbus day holiday meant an unusually quiet day in the new york oil pit. trader ray carbone says the calm gave the market time to figure out what's behind recent energy price gains. he beli

the professor peter diamond of the massachusetts institute of technology, dale mortensen of northwesternniversity in evanston, illinois and christopher pissarides of the london school of economics. their research shows why many people remain unemployed at times despite large numbers of job openings. it also explains the jobless rates do not necessarily decline based on economic policy and regulation. the three economists claim that improving public services can actually raise jobless rates. the royal swedish academy of sciences says their theories are applicable to monetary policies and public economics. >> an important phone message from sweden. to my surprise. i thought i was hallucinating for a moment. >> professor mortensen was giving a lecture in denmark where his father was born when he heard the news. >> well, at the moment, very overwhelming. i imagine it will get worse before it gets better. but happy, too. >>> in northern chile, trapped miners are finally likely to be lifted out. they have been in a shelter about 700 meters underground for more than two months. >> the minister

their names are peter diamond, dale mortensen and christopher siserades. they won theward by developing theorys that help explain how economic policies can affect unemployment. among other things, their research shows why a lot of peop remain unemployed even at times when there are large numbers of job openings. >>> well, the dow sits above 11,000 for the first time since may. let's check in with cnbc'sry thompson, joining us live with more on that and the rest of the business headlines. good morning. >> good morning, barbara. we are seeing modest gains on wall street on thi columbus day. keep in mind, the bond market has slowed but the stock market is open for trading, right now the dow holding above at 11,000 level. the blue chip index extendi ini gains from friday. stocks getting a lift from investors' expectationshat the federal reserve will buy large amounts of u. treasuries to provide a short-term boost to the u.s. economy. among the stocks in the news toy, gymboree is up over 20%. theetailer children's clothing accepting a takeover bid from a privat

peter diamond and dale mortensen won the award for their research on unemployment and the economy.izen christopher parisides also took home the award. their research explains things such as why people are still unemployed even when there are a large number of job openings. >>> well, some unemployed americans are finding they don't have the skills to get jobs in their old professions. during the recession employers became productive by doing more with fewer workers. people took on new duties. now people applying for those jobs need to meet new requirements. some employers are even having trouble finding workers who have all the required skills. >>> also, kids dropping out of college after one year is costing taxpayers billions of dollars. that's according to a new report from 2003 to 2008, states spent more than $6 billion to help pay for the education of students who did not return. in addition, the federal government and the state spent about $1.5 billion each on grants for students. the information was gathered by the american institutes for research. >>> okay. too much tv could

and dale mortensen of northwestern university, and to christopher pissarides, a british-cypriot economist diamond got the news as he returned home to the boston area from an overseas trip. >> fortunately i was sitting down i wasn't behind the steering wheel. it kind of takes your breath away. it's just... you suddenly realize not only is it the moment but also there are all sorts of changes in your life, opportunities opening up, all sorts of things that are going to be different. >> brown: diamond and his colleagues were recognized for research into why markets often don't work as expected, particularly the job market. joining us to explain is catherine rampell of the "new york times." catherine, the economist won for work in so-called search theory. can you give us the lehman's definition of that. >> right. basically that refers to research about markets where buyers and sellers don't automatically find each other. that really refers to almost all markets except for things like commodities. so in the job market that means why does it take so long for people who are unemployed to find jo

peter diamond, and dale mortensen in i will know with sharing the $1.5 million nobel price. they developed a theory that helps explain why many people can be out of work in a market with a lot of job openings. a british economist was third person. >>> the wife of imprisoned peas prize winner is under house arrest in bay thank. she was escorted back to her apartment after the one hour meeting. her cell phone was taken away. he says he's dedicating his peace prize to the victims of the massacre in 1989. engineer who is leading the rescue effort in chile to get the 33 trapped coal miners out says his team successfully tested a rescue capsule nearly all the way down to where the miners r he says everything will be in place at midnight tomorrow to start bringing the miners up one man at a time in the rescue capsule. that's going to be a live video feed following the capsule on its way up. to deal with any possible emergencies. >>> the world got its first look at the man who will succeed kim jong il. he brought his son, right there, to an outdoor festival to celebrate the 65th ann

dale mortenson and one british man won the 2010 noble economics prize. they won the award for developing theories that helped to explain how economic policies can effect unemployment. diamond is an economist at m.i.t. and mortensenan economics professor at northwestern university in illinois. >>> paperwork problems are complicating a foreclosure crisis. this week the attorneys general from 40 states are expected to launch a join investigation of allegations that banks used fraudulent paperwork to foreclosure on struggling homeowners. and banks try to figure out what -- what went wrong with their documents. >>> more than 58 million people who get social security benefits will go through another year with no cost of living adjustment for next year. they sparking interest from those still recovering from reception. this is the second year of going without an increase due to inflation since years ago. >>> and dave ross joins us with more on how the burgundy and gold did it straight ahead on monday morning quarterback. >>> and then we have a cutie in studio. fox 5 morning news will be right back. blah s >>> down the middle, end zone, armstrong -- touchdown washington! >> it was a nail-biter for redskins nation. anoth