The economic crisis in the early 1990s brought about a dramatic increase in unemployment and a similar decrease in labor force participation. Unemployment declined afterwards, but stabilized at around 6-7% - more than twice as high as before the crisis. Today, the unemployment rate is lower than...

"'Macroeconomics' presents a new approach to macroeconomics, based on microeconomic foundations combined with Keynesian-style short-run policy analysis. The book features: a pronounced international stance, systematically presenting data from several countries; consistent treatment of the long...

How are wages set in an open economy? What role is played by demand pressure, international competition, and structural factors in the labour market? How important is nominal wage rigidity and exchange rate policy for the medium term evolution of real wages and competitiveness? To answer these...