TY - JOUR AU - Portes, Richard TI - Central Planning and Monetarism: Fellow Travelers? JF - National Bureau of Economic Research Working Paper Series VL - No. 782 PY - 1981 Y2 - October 1981 DO - 10.3386/w0782 UR - http://www.nber.org/papers/w0782 L1 - http://www.nber.org/papers/w0782.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 - 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. ER -