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Stabilization Policies in an Explosive Economy: Announcements and Expectations

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  • G. Basevi
  • F. Giavazzi

Abstract

The article studies policy options in an economy which is unstable under bond-financing of a predetermined government deficit. We analyze policies based on pre-announced changes in monetary control or on confi-scation of that part of the Government debt which could only be retired through a prolonged period of high inflation. The dynamics of the economy is characterized by the interplay between policy announcements and private agents' behaviour in reply to them.

Suggested Citation

  • G. Basevi & F. Giavazzi, 1983. "Stabilization Policies in an Explosive Economy: Announcements and Expectations," Working Papers 2, Dipartimento Scienze Economiche, Universita' di Bologna.
  • Handle: RePEc:bol:bodewp:2
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