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Central Planning and Monetarism: Fellow Travelers?

  • Richard Portes

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.

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File URL: http://www.nber.org/papers/w0782.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0782.

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Date of creation: Oct 1981
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Publication status: published as Portes, Richard. "Central Planning and Monetarism: Fellow Travelers?" Marxism, Central Planning and the Soviet Economy: Economic Essays in Honor of Alexander Erlich, ed. by Padma Desai, pp. 149-165. Cambridge: M.I.T. Press, (1983).
Handle: RePEc:nbr:nberwo:0782
Note: ITI IFM
Contact details of provider: Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
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Web page: http://www.nber.org
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  1. 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.
  2. 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.
  3. Douglas D. Purvis, 1978. "Monetarism: A Review," Working Papers 320, Queen's University, Department of Economics.
  4. Barro, Robert J & Grossman, Herschel I, 1974. "Suppressed Inflation and the Supply Multiplier," Review of Economic Studies, Wiley Blackwell, vol. 41(1), pages 87-104, January.
  5. Portes, Richard, 1979. "Internal and external balance in a centrally planned economy," Journal of Comparative Economics, Elsevier, vol. 3(4), pages 325-345, December.
  6. 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.
  7. Hahn, F H, 1980. "Monetarism and Economic Theory," Economica, London School of Economics and Political Science, vol. 47(185), pages 1-17, February.
  8. 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.
  9. Portes, Richard, 1981. "Macroeconomic Equilibrium and Disequilibrium in Centrally Planned Economies," Economic Inquiry, Western Economic Association International, vol. 19(4), pages 559-78, October.
  10. Portes, Richard, 1977. "The Control of Inflation: Lessons from East European Experience," Economica, London School of Economics and Political Science, vol. 44(174), pages 109-29, May.
  11. Portes, Richard & Winter, David, 1980. "Disequilibrium Estimates for Consumption Goods Markets in Centrally Planned Economies," Review of Economic Studies, Wiley Blackwell, vol. 47(1), pages 137-59, January.
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