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  -