Optimal Speed of Transition: Micro Evidence from the Czech Republic

Stepan Jurajda and Katherine Terrell

No 355, William Davidson Institute Working Papers Series from William Davidson Institute at the University of Michigan

Abstract: We consider the growing theoretical literature on the optimum speed of transition (OST) and explore its validity using micro data from a transition economy. First, we ask whether the OST theories focus on the empirically most important job and worker reallocation flows. Second, we examine the relationship between these flows suggested by the theory. The empirical evidence from the Czech Republic appears to match the theory's prescriptions. It underscores the main policy implication of the Aghion and Blanchard (1994) model that early support for private job creation is the recipe for a successful transition.

Pages: pages
Date: 2000-12-01
New Economics Papers: this item is included in nep-eec and nep-mic
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