The Cyprus-U.S. Chamber of Commerce Announces Nobel Winner Dr. Christopher A. Pissarides Recipient of the 2011 Distinguished Merit Award

Mar 22, 2011, 12:38 ET from The Cyprus-U.S. Chamber of Commerce, Inc.

Ceremony to Take Place May 6, 2011 at the Hilton New York

NEW YORK, March 22, 2011 /PRNewswire-USNewswire/ -- The Cyprus-U.S. Chamber of Commerce, Inc. is pleased to announce that the recipient of the Chamber's 2011 Distinguished Merit Award is Dr. Christopher A. Pissarides, winner of the prestigious Nobel Prize in Economics and a specialist in the study of unemployment labor market theory and policy, growth and structural change.


Dr. Pissarides and two Americans, Peter Diamond and Dale Mortensen, shared The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2010. The trio's "analysis of markets with search frictions" describes why unemployment continues despite a large number of job vacancies (and is also applicable to other areas such as housing).

"I am incredibly honored to receive the Chamber's Distinguished Merit Award," says Dr. Pissarides. "It has been an exciting year for me on many levels, but I am especially moved to receive a prize from my fellow Cypriots in the United States. I look forward to the ceremony and having the chance to discuss my studies with the members of the Cyprus-U.S. Chamber, as well as other business leaders."

The Chamber annually bestows the prize to honor an individual who has raised the profile of Cyprus and made an extraordinary contribution to U.S.-Cyprus relations through their work in economics, business, or industry. Events paying tribute to Dr. Pissarides will include a gala at the Hilton New York on Friday, May 6, 2011.

"I am extremely proud of Dr. Pissarides' achievements," says Dennis C. Droushiotis, President of the Cyprus-U.S. Chamber of Commerce, on behalf of the Board of Directors. "We believe his work is both timely and incredibly important to the economic health of the global community on many levels. By honoring Dr. Pissarides with our Distinguished Merit Award we will contribute to spreading the word about his extraordinary important work."

Born and raised in Cyprus, Dr. Pissarides resides in Great Britain where he is a Professor of Economics at the London School of Economics and holder of the Norman Sosnow Chair in Economics. He has penned Equilibrium Unemployment Theory, which has become a standard reference; will become President of the European Economic Association in 2011; and is an elected Fellow of the British Academy, the Econometric Society, the European Economic Association, and the Society of Labor Economists. He has served on the European Employment Task Force (2003) and he has been a consultant on employment policy and other labor issues for the World Bank, the European Commission, the Bank of England and the OECD.

The Cyprus-U.S. Chamber of Commerce was inaugurated in 1998 by H.E. Glafcos Clerides (then President of The Republic of Cyprus) to promote and extend commercial, industrial, and economic relations between the Republic of Cyprus and the United States. By creating a forum in which its members share ideas and knowledge, the Chamber helps open doors to potential investors, offers advice on foreign investment projects, holds exclusive briefings by private and government officials, and works to build strong partnerships between Cypriot and American professionals. The Chamber's membership comprises hundreds of distinguished entrepreneurs, executives, and professionals in numerous fields including finance, law, communications, energy, engineering, and architecture. Previous Distinguished Merit Award honorees include easyGroup Chairman Sir Stelios Haji-Ioannou, OBE philanthropist George Paraskevaides, and Red Apple Group Chairman and President John A. Catsimatidis.

SOURCE The Cyprus-U.S. Chamber of Commerce, Inc.