Markets with Frictions

July6-10, 2026 in Amsterdam

Faculty 

Björn Brügemann is Associate Professor of Economics at Vrije Universiteit Amsterdam and a fellow of the Tinbergen Institute and IZA. He received his PhD in Economics from the Massachusetts Institute of Technology (2004).

Ana Figueiredo is an Assistant Professor of Economics at Vrije Universiteit Amsterdam. She received her PhD in Economics from Universitat Pompeu Fabra (Barcelona) in 2018.

Pieter Gautier is a Full Professor at Vrije Universiteit Amsterdam. He received his PhD in Economics from Vrije Universiteit Amsterdam in 1997.

Meet the Lecturers

Course

Why do unemployment and job vacancies coexist? Why do some workers struggle to find jobs while firms struggle to hire? And how can public policy shape these outcomes?

Many markets—from labor to housing—are characterized by search frictions: buyers and sellers do not meet instantaneously, matching requires time and resources, and markets do not clear smoothly. These frictions generate unemployment alongside unfilled vacancies, slow job creation, and create persistent mismatches between workers, firms, and locations.

This summer school offers a rigorous research-master/PhD–level introduction to the core models used to study frictional markets. We place particular emphasis on labor markets and the policy implications that emerge from modern search-and-matching theory but we also consider housing and product markets.

Participants will learn how institutions such as unemployment insurance and employment protection legislation interact with these frictions, and how search theory informs effective policy design. The course bridges frontier academic research with policy-relevant applications, equipping attendees with the tools to analyze frictional markets in practice.

The course is ideal for students and professionals who wish to build a strong analytical foundation in macro-labor economics while developing the capacity to connect theory with real-world policy questions.

Learning Objectives

This course equips participants with the conceptual tools needed to understand how frictions shape labor and housing market outcomes, and how these frictions inform effective policy design.

After completing the course, participants will be able to:

• Work with foundational search-and-matching frameworks, including the Mortensen–Pissarides (DMP) model and competitive search theory.
• Analyze how key policy institutions—for example, unemployment insurance (UI), employment protection legislation (EPL), temporary contracts, and wage-setting rules—affect labor market dynamics and outcomes.

Level

This summer school welcomes (research) master students, PhD students, post-docs, and professionals from policy institutions such as central banks, ministries, and international organizations. The course is a rigorous research-master/PhD–level introduction to the economics of markets with frictions, providing participants with the theoretical and practical foundation to engage confidently with current research and policy applications.

Schedule 

The summer school offers a comprehensive schedule over 5 days, with both engaging

lectures and practical application phases throughout the mornings and afternoons, between 10:00-16:00.A full schedule will be made available to participants closer to the start of the course.

Admission requirements

Students currently pursuing a MSc, MPhil or a PhD degree; professionals with a MSc, MPhil,

PhD, or equivalent degree in economics or related fields.