In 2010, he was awarded the Nobel Prize in economics, jointly with Peter A. Diamond and Dale Mortensen. He received his B.A. in Economics in 1970 and his M.A. in Economics in 1971 at the University of Essex. He subsequently enrolled in the London School of Economics, where he received his PhD in Economics in 1973. In 1976 he was the head of research program on macroeconomics in London School of Economics. Pissarides is mostly known for his contributions to the search and matching theory for studying the interactions between the labor market and the macro economy. He helped develop the concept of the matching function (explaining the flows from unemployment to employment at a given moment of time), and pioneered the empirical work on its estimation. More recently Pissarides has done research on structural change and growth.
IZA Prize in Labor Economics, jointly with Dale Mortensen, 2005. Fellow of the British Academy. Fellow of the Econometric Society.