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...