Work

Central Planning and Monetarism: Fellow Travelers?

Year: 1981

Type: report

Abstract: We discuss the monetary institutions and macroeconomics of centrally planned economies (CPEs); objectives and techniques of monetary control; the relevance to CPEs of the neutrality property, the natural rate hypothesis, and the quantity theory; the roles of stock .andflow variables and the stability of asset demand and expenditure functions; the relation between monetary policy, fiscal policy and incomes policy in CPEs; the CPE equi- valent of a floating exchange rate and its implications for monetary policy;and "super crowding out."Many considerations suggest that monetarism as theory and policy might be more applicable under central planning than it is in market economies.

Source: National Bureau of Economic Research

DOI: 10.3386/w0782

Author: Richard Portes

Institutions: National Bureau of Economic Research, Centre for Economic Policy Research, London Business School, Birkbeck, University of London

Language: English

Topic: Monetary Policy and Economic Impact

Subfield: General Economics, Econometrics and Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: green

Funder: Social Science Research Council

OpenAlex ID: W1484380625

Cites: 13

Cited by: 14

Related to: 10