The focus is on the interaction between demand and supply in a small open economy, featuring the dynamics of money wages, private capital, public debtand foreign assets. A macroeconomic shock induces an extended process of adjustment that is characterized by unemployment. This in turn requires a...

This book deals with the transformation of the Polish centrally-planned system to a western-type market system. Poland represents the most interesting case to study as it runs an unprecedentedly radical and fast course of reform. The book provides insights in the theoretical foundations of the...