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Stagflation and Shortageflation: A Comparative Approach

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  • Kolodko, Grzegorz W
  • McMahon, Walter W
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    Abstract

    This paper compares inflation and unemployment in western mark et economies with the repressed inflation and persistent shortages co mmon in centrally-planned economies. Stagflation and shortageflation, the latter defined as inflation accompanied by shortages, have much in common, as is developed here using a similar theoretical structure Measures of stagflation for the western economies and shortageflati on for the eastern European socialist countries suggest a new "miser y index" that is largest for Italy and Poland and smallest for West and East Germany. Furthermore, where relative prices fail to reflect relative scarcities, queuing, gluts, and other allocative inefficienc ies can slow growth. Copyright 1987 by WWZ and Helbing & Lichtenhahn Verlag AG

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Kyklos.

    Volume (Year): 40 (1987)
    Issue (Month): 2 ()
    Pages: 176-97

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    Handle: RePEc:bla:kyklos:v:40:y:1987:i:2:p:176-97

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    Cited by:
    1. Kolodko, Grzegorz W., 2009. "A Two-thirds Rate of Success: Polish Transformation and Economic Development, 1989-2008," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
    2. Kolodko, Grzegorz W., 2010. "The Great Transformation 1989-2029: Could It Have Been Better? Will It Be Better?," Working Paper Series wp2010-40, World Institute for Development Economic Research (UNU-WIDER).
    3. Kazimierz Stanczak, 1992. "Price Controls, Inflation, and Welfare in the Steady-State," UCLA Economics Working Papers 684, UCLA Department of Economics.
    4. Coricelli, Fabrizio & Rocha, Roberto de Rezende, 1991. "Stabilization programs in Eastern Europe : a comparative analysis of the Polish and Yugoslav programs of 1990," Policy Research Working Paper Series 732, The World Bank.
    5. Kazimierz Stanczak, 1992. "A Note on the Benefits of Inflation in the Economies with Price Controls and the Cash-In-Advance Black Markets," UCLA Economics Working Papers 665, UCLA Department of Economics.

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