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Queuing and the Price Level under Repressed Inflation

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  • Bennett, John

Abstract

A simple queuing mechanism is incorporated into a model of repressed inflation to reflect the experience of Soviet-type economies. Comparative statics are examined, with particular attention to the effects of a higher money price level. If wage rates are all the same--though thresholds may be heterogeneous in other respects--all households gain from a higher money price. With wage-rate inequality, low-wage-rate households may lose. These conclusions are unaffected if the government transfers to each household an equal share of the additional net revenue it gains from the higher money price. Copyright 1994 by Royal Economic Society.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 46 (1994)
Issue (Month): 1 (January)
Pages: 68-82

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Handle: RePEc:oup:oxecpp:v:46:y:1994:i:1:p:68-82

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Cited by:
  1. Alexeev, Michael & Sabyr, Lyaziza, 2004. "Black markets and pre-reform crises in former socialist economies," Economic Systems, Elsevier, vol. 28(1), pages 1-12, March.
  2. Erwin Nijsse & Elmer Sterken,, 1996. "Shortages, interest rates, and money demand in Poland, 1969-1995," Working Papers 25, Centre for Economic Research, University of Groningen and University of Twente.
  3. Bennett, John & Dixon, Huw David, 1995. "Macroeconomic equilibrium and reform in a transitional economy," European Economic Review, Elsevier, vol. 39(8), pages 1465-1485, October.
  4. Filippov, Mikhail G, 2002. " Russian Voting and the Initial Economic Shock of Hyperinflation," Public Choice, Springer, vol. 111(1-2), pages 73-104, March.
  5. Debra Moore Patterson, 1996. "Reform in Eastern Europe: A General Equilibrium Model with Distortions in Relative Prices and Factor Markets," Canadian Journal of Economics, Canadian Economics Association, vol. 29(2), pages 457-72, May.

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