NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Central Planning and Monetarism: Fellow Travelers?

Richard Portes

NBER Working Paper No. 782 (Also Reprint No. r0471)
Issued in October 1981
NBER Program(s):   ITI   IFM

We discuss the monetary institutions and macroeconomics of centrally planned economies (CPEs) ; objectives and techniques of monetary control; the relevance to CPEs of the neutrality property, the natural rate hypothesis, and the quantity theory; the roles of stock .and flow variables and the stability of asset demand and expenditure functions; the relation between monetary policy, fiscal policy and incomes policy in CPEs; the CPE equivalent of a floating exchange rate and its implications for monetary policy; and "super crowding out." Many considerations suggest that monetarism as theory and policy might be more applicable under central planning than it is in market economies.

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Document Object Identifier (DOI): 10.3386/w0782

Published: Portes, Richard. "Central Planning and Monetarism: Fellow Travelers?" Marxism, Central Planning and the Soviet Economy: Economic Essays in Honor of Alexander Erlich, ed. by Padma Desai, pp. 149-165. Cambridge: M.I.T. Press, (1983).

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