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Central Planning and Monetarism: Fellow Travelers?

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  • Richard Portes

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 .and flow variables and the stability of asset demand and expenditure functions; the relation between monetary policy, fiscal policy and incomes policy in CPEs; the CPE equivalent 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.

Suggested Citation

  • Richard Portes, 1981. "Central Planning and Monetarism: Fellow Travelers?," NBER Working Papers 0782, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:0782
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    References listed on IDEAS

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    1. Portes, Richard, 1977. "The Control of Inflation: Lessons from East European Experience," Economica, London School of Economics and Political Science, vol. 44(174), pages 109-129, May.
    2. Portes, Richard, 1979. "Internal and external balance in a centrally planned economy," Journal of Comparative Economics, Elsevier, vol. 3(4), pages 325-345, December.
    3. Michael R. Darby, 1980. "Sterilization and Monetary Control under Pegged Exchange Rates: Theory and Evidence," NBER Working Papers 0449, National Bureau of Economic Research, Inc.
    4. Richard Portes & David Winter, 1980. "Disequilibrium Estimates for Consumption Goods Markets in Centrally Planned Economies," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 47(1), pages 137-159.
    5. John Burkett & Richard Portes & David Winter, 1981. "Macroeconomic Adjustment and Foreign Trade of Centrally Planned Economies," NBER Working Papers 0736, National Bureau of Economic Research, Inc.
    6. Douglas D. Purvis, 1980. "Monetarism: A Review," Canadian Journal of Economics, Canadian Economics Association, vol. 13(1), pages 96-122, February.
    7. Portes, Richard, 1981. "Macroeconomic Equilibrium and Disequilibrium in Centrally Planned Economies," Economic Inquiry, Western Economic Association International, vol. 19(4), pages 559-578, October.
    8. Portes, Richard & Winter, David, 1977. "The supply of consumption goods in centrally planned economies," Journal of Comparative Economics, Elsevier, vol. 1(4), pages 351-365, December.
    9. Portes, Richard & Winter, David, 1978. "The Demand for Money and for Consumption Goods in Centrally Planned Economies," The Review of Economics and Statistics, MIT Press, vol. 60(1), pages 8-18, February.
    10. Robert J. Barro & Herschel I. Grossman, 1974. "Suppressed Inflation and the Supply Multiplier," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 41(1), pages 87-104.
    11. Hahn, F H, 1980. "Monetarism and Economic Theory," Economica, London School of Economics and Political Science, vol. 47(185), pages 1-17, February.
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