Macroeconomic analysis of the 1990s. High growth in the past -- The 1990s -- Demand or supply? -- What type of demand? -- The "abnormality" of demand fluctuations -- Investment -- Investment to increase production capacity, and stock adjustment -- The recovery of 1995-1996 -- The fiscal policy...

Over the last thirty years or so the developments in the area of monetary and macroeconomic policies have been quite substantial. Within the new consensus macroeconomics (NCM), monetary policy is upgraded while fiscal policy is downgraded. This new monetary policy has been the main instrument of...