Working Paper Series,
Stockholm University, Swedish Institute for Social Research

Abstract: While traditional macroeconomics is organized around different theories for the short-run, the medium run and the long run, this text is an introduction to macroeconomics which applies to every year, not only every year of the short run, but also every year of the medium run and the long run. Based on a new benchmark model of pricing, it clarifies the determinants of inflation. Based on macroeconomic identities, it clarifies the determinants of aggregate profits. Based on a complete model of labour demand, it clarifies the determinants of employment. And based on the definition of unemployed as people without employment looking for jobs, it clarifies the determinants of unemployment, including matching problems.

Keywords: Output; inflation; employment; unemployment.

JEL-codes: E23; E24; E31

107 pages, February 8, 2018

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