Macroeconomic Equilibrium and Reform in a Transitional Economy
Huw Dixon ()
No 758, CEPR Discussion Papers from C.E.P.R. Discussion Papers
We build a general equilibrium macroeconomic model of a transitional economy to reflect five stylized facts. Among these are that central planning has left a legacy of highly concentrated industry and a residue of price controls and rationing. An `almost Classical' dichotomy obtains in the model: monetary expansion leaves output and unemployment unchanged (despite the existence of unemployment), though leisure time declines. The economy displays a high degree of complementarity between the state-controlled sector and the private sector, however, giving rise to multiplier effects. We analyse the effects of price liberalization and privatization in this framework.
Keywords: Imperfect Competition; Macroeconomics; Transitional Economy (search for similar items in EconPapers)
JEL-codes: D43 E10 P21 P51 (search for similar items in EconPapers)
References: Add references at CitEc
Citations View citations in EconPapers (2) Track citations by RSS feed
Downloads: (external link)
CEPR Discussion Papers are free to download for our researchers, subscribers and members. If you fall into one of these categories but have trouble downloading our papers, please contact us at firstname.lastname@example.org
Journal Article: Macroeconomic equilibrium and reform in a transitional economy (1995)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: http://EconPapers.repec.org/RePEc:cpr:ceprdp:758
Ordering information: This working paper can be ordered from
http://www.cepr.org/ ... pers/dp.php?dpno=758
Access Statistics for this paper
More papers in CEPR Discussion Papers from C.E.P.R. Discussion Papers
Address: Centre for Economic Policy Research, 77 Bastwick Street, London EC1V 3PZ.
Series data maintained by (). This e-mail address is bad, please contact .