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Macroeconomic Effects of Price Controls: The Role of Market Structure

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  • Elhanan Helpman

Abstract

Price controls were part of Israel's stabilization program of July 1985. Some results of the program seem to be inconsistent with competitive macroeconomic models. It is suggested that these results are consistent with an economy that has an oligopolistic market structure. The paper explores the effects of market structure on macroeconomic performance in the presence and absence of price control.

Suggested Citation

  • Elhanan Helpman, 1987. "Macroeconomic Effects of Price Controls: The Role of Market Structure," NBER Working Papers 2434, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:2434
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    Cited by:

    1. Emanuele Deligia, 2006. "Innovation And Finance: The Theoretical Links," Economia, Societa', e Istituzioni, Dipartimento di Economia e Finanza, LUISS Guido Carli, vol. 0(1).
    2. Agenor, Pierre-Richard & Asilis, Carlos M., 1997. "Price controls and electoral cycles," European Journal of Political Economy, Elsevier, vol. 13(1), pages 131-142, February.
    3. Reyna-Cerecero, Mario & Mavrotas, George, 2003. "Inflation, Output and Perfectly Enforceable Price Controls in Orthodox and Heterodox Stabilization Programmes," WIDER Working Paper Series 044, World Institute for Development Economic Research (UNU-WIDER).
    4. Bennett, John & Dixon, Huw David, 1995. "Macroeconomic equilibrium and reform in a transitional economy," European Economic Review, Elsevier, vol. 39(8), pages 1465-1485, October.
    5. Persson, Torsten & van Wijnbergen, Sweder, 1993. "Signalling, Wage Controls and Monetary Disinflation Policy," Economic Journal, Royal Economic Society, vol. 103(416), pages 79-97, January.
    6. van Wijnbergen, Sweder, 1991. "Should price reform proceed gradually or in a"big bang?"," Policy Research Working Paper Series 702, The World Bank.
    7. Bowitz, Einar & Cappelen, Adne, 2001. "Modeling income policies: some Norwegian experiences 1973-1993," Economic Modelling, Elsevier, vol. 18(3), pages 349-379, August.
    8. Agenor, Pierre-Richard, 1995. "Credibility effects of price controls in disinflation programs," Journal of Macroeconomics, Elsevier, vol. 17(1), pages 161-171.
    9. Leiderman, Leonardo & Liviatan, Nissan, 1989. "Macroeconomic performance before and after disinflation in Israel," Policy Research Working Paper Series 311, The World Bank.
    10. M. N. Asadullah & S. Rahman, 2009. "Farm productivity and efficiency in rural Bangladesh: the role of education revisited," Applied Economics, Taylor & Francis Journals, vol. 41(1), pages 17-33.

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