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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".

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File URL: http://www.nber.org/papers/w1875.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 1875.

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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
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. 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.
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