Macroeconomic equilibrium and reform in a transitional economy

Bennett, J. and Dixon, Huw David ORCID: https://orcid.org/0000-0002-9875-8965 1995. Macroeconomic equilibrium and reform in a transitional economy. European Economic Review 39 (8) , pp. 1465-1485.

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Abstract

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.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Schools > Business (Including Economics)
Subjects:	H Social Sciences > HB Economic Theory
Last Modified:	24 Oct 2022 11:01
URI:	https://orca.cardiff.ac.uk/id/eprint/46682

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