IDEAS home Printed from
MyIDEAS: Login to save this paper or follow this series

The Theory and Measurement of Macroeconomic Disequilibrium in Centrally Planned Economies

  • Richard Portes

The paper considers issues in recent research on macroeconomic equilibrium in centrally planned economies. I defend the explicit aggregative , macroeconomic approach in theory, institutional relationships and measurement. It has offered a fresh, coherent framework for analysis of many CPE phenomena, opened up a range of possibilities for empirical investigation, and generated several important spinoffs: work of planners' behavior, insights into CPE policy problems of the 1970s and early 1980s, which centred on macroeconomic equilibrium and threats to it; and some developments in market economy macro theory and econometrics. The quantity-rationing macro model and disequilibrium econometrics give a more useful as well as a more nuanced view of macroeconomic reality in CPEs than the conventional wisdom characterizing them as perpetual "shortage economies".

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Download Restriction: no

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 1875.

in new window

Date of creation: Mar 1986
Date of revision:
Publication status: published as From Models of Disequilibrium and Shortage in Centrally Planned Economies,edited by C. Davis and W. Charemza, pp. 27-47. London: Chapman and Hall Ltd., 1989.
Handle: RePEc:nbr:nberwo:1875
Contact details of provider: Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
Phone: 617-868-3900
Web page:

More information through EDIRC

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. Gardner Roy, 1979. "Repressed inflation in the soviet union : a temporary equilibrium approach," CEPREMAP Working Papers (Couverture Orange) 7918, CEPREMAP.
  2. 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.
  3. Muellbauer, John & Portes, Richard, 1978. "Macroeconomic Models with Quantity Rationing," Economic Journal, Royal Economic Society, vol. 88(352), pages 788-821, December.
  4. Pryor, Frederic L, 1977. "Some Costs and Benefits of Markets: An Empirical Study," The Quarterly Journal of Economics, MIT Press, vol. 91(1), pages 81-102, February.
  5. Portes, Richard, 1981. "Macroeconomic Equilibrium and Disequilibrium in Centrally Planned Economies," Economic Inquiry, Western Economic Association International, vol. 19(4), pages 559-78, October.
  6. Hare, Paul G., 1982. "Economics of shortage and non-price control," Journal of Comparative Economics, Elsevier, vol. 6(4), pages 406-425, December.
  7. 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.
  8. 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.
  9. Howard, David H, 1976. "The Disequilibrium Model in a Controlled Economy: An Empirical Test of the Barro-Grossman Model," American Economic Review, American Economic Association, vol. 66(5), pages 871-79, December.
  10. Gourieroux, Christian & Laroque, Guy, 1983. "The agregation of commodities in quantity rationing models," CEPREMAP Working Papers (Couverture Orange) 8305, CEPREMAP.
  11. 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.
  12. Benassy, Jean-Pascal, 1975. "Neo-Keynesian Disequilibrium Theory in a Monetary Economy," Review of Economic Studies, Wiley Blackwell, vol. 42(4), pages 503-23, October.
  13. Pickersgill, Joyce E, 1976. "Soviet Household Saving Behavior," The Review of Economics and Statistics, MIT Press, vol. 58(2), pages 139-47, May.
  14. Charemza, Wojciech & Quandt, Richard E, 1982. "Models and Estimation of Disequilibrium for Centrally Planned Economies," Review of Economic Studies, Wiley Blackwell, vol. 49(1), pages 109-16, January.
  15. repec:cup:cbooks:9780521296762 is not listed on IDEAS
  16. Grandmont Jean-michel & Laroque Guy, 1974. "On temporary keynesian equilibria," CEPREMAP Working Papers (Couverture Orange) 7406, CEPREMAP.
  17. Barro, Robert J & Grossman, Herschel I, 1971. "A General Disequilibrium Model of Income and Employment," American Economic Review, American Economic Association, vol. 61(1), pages 82-93, March.
  18. Thomas A. Wolf, 1985. "Economic Stabilization in Planned Economies: Toward an Analytical Framework (La stabilisation économique dans les économies planifiées: recherche d'un cadre d'analyse) (Estabilización económica e," IMF Staff Papers, Palgrave Macmillan, vol. 32(1), pages 78-131, March.
  19. Reconciliation, A & Brada, Josef C., 1982. "Real and monetary approaches to foreign trade adjustment mechanisms in centrally planned economies," European Economic Review, Elsevier, vol. 19(2), pages 229-244.
  20. 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.
  21. Weinrich, G., 1984. "On the size of disequilibrium in a equilibrium with quantity rationing," CORE Discussion Papers 1984018, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  22. Katz, Barbara Goody, 1979. "The Disequilibrium Model in a Controlled Economy: Comment," American Economic Review, American Economic Association, vol. 69(4), pages 721-25, September.
  23. Nissanke, Machiko, 1979. "The Disequilibrium Model in a Controlled Economy: Comment," American Economic Review, American Economic Association, vol. 69(4), pages 726-32, September.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:1875. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.