TY  - JOUR
AU  - Portes,Richard
TI  - The Theory and Measurement of Macroeconomic Disequilibrium in Centrally Planned Economies
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 1875
PY  - 1989
Y2  - September 1989
UR  - http://www.nber.org/papers/w1875
L1  - http://www.nber.org/papers/w1875.pdf
N1  - Author contact info:
Richard Portes
London Business School
Regent's Park
London NW1 4SA
UNITED KINGDOM
Tel: 44 (0)  20 7000 8424
Fax:  44 (0) 20 7000 8401
E-Mail: rportes@london.edu
AB  - The paper considers issues in recent research on macroeconomic equilibrium in centrally planned economies. I defend the explicit aggregative , macroeconomic approach in theory, institutional relationships and measurement. It has offered a fresh, coherent framework for analysis of many CPE phenomena, opened up a range of possibilities for empirical investigation, and generated several important spinoffs: work of planners' behavior,  insights into CPE policy problems of the 1970s and early 1980s, which centred on macroeconomic equilibrium and threats to it; and some developments in market economy macro theory and econometrics. The quantity-rationing macro model and disequilibrium econometrics give a more useful as well as a more nuanced view of macroeconomic reality in CPEs than the conventional wisdom characterizing them as perpetual "shortage economies".
ER  -