Hidden and repressed inflation in Soviet-type economies: definitions, measurements and stabilization

Nuti, Domenico Mario

doi:10.1007/978-94-009-0823-9_5

Cited by 68 publications

(24 citation statements)

References 48 publications

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“…We could, of course, argue, that open inflation is from an economic point of view a more rational economic situation than hidden or repressed inflation (Nuti, 1985), but that will not help, because the counter-argument is that the delicate social balance which exists in a reforming country probably cannot be maintained with a high rate of open inflation (as has been sufficiently proven by the Polish case). On the other hand we should stress that institutional changes will have no positive behavioural effects without equilibrium on all relevant markets; here we agree with Swiderski that 'systemic changes are unlikely to be successfully implemented unless macroeconomic equilibrium is achieved and maintained through sound financial and incomes policies' (Swiderski, 1988).…”

Section: Nature Of Current Changesmentioning

confidence: 94%

Monetary policy in Czechoslovakia in the 1970s and 1980s and the nature and problems of the current economic reform

Klaus

1990

Communist Economies

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Section: Nature Of Current Changesmentioning

confidence: 94%

Monetary policy in Czechoslovakia in the 1970s and 1980s and the nature and problems of the current economic reform

Klaus

1990

Communist Economies

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“…' For a discussion of the evidence on repressed inflation see Nuti (1986). For a survey of the theory see Bennett ( 1 989).…”

Section: Introductionmentioning

confidence: 99%

Optimum Savings Under Repressed Inflation

Bennett

1991

Bulletin of Econ Res

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“…The second school of disequilibrium indicators modelling, adopts apriori assumption of permanent repressed inflation. This is probably the most common approach to empirical modelling of CPEs, as is evident in the surveys by Nuti (1986) and Kemme and Winiecki (1984). Although the sign of excess demand is assumed to be known and positive, the amount of excess demand has to be estimated using the disequilibrium indicator model.…”

Section: Introductory Remarksmentioning

confidence: 99%

“…There are a variety of other approaches to the evaluation of disequilibrium in a CPE. Non-econometric empirical studies are thoroughly reviewed by Nuti (1986). Podkaminer (1982Podkaminer ( , 1988, transplants a linear expenditure system estimated in free market economies such as Ireland or Italy into a CPE model of Poland and uses it for disequilibrium analysis.…”

Section: Introductory Remarksmentioning

confidence: 99%

Computational Controversies in Disequilibrium and Shortage Modelling of Centrally Planned Economies

Charemza

1989

Journal of Economic Surveys

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Abstrac!. Most disequilibrium and shortage models of centrally planned economies fall into three categories: testable excess demand (the Portes school), disequilibrium indicators, and Kornai's economics of shortage. These models have generated numerous controversies and conflicting empirical results. However, this paper argues that some disputes are not caused by the theoretical features of the models but rather by the utilisation of different estimation methods that are not directly comparable. This suggests that several controversies are more apparent than real and can he resolved through the improvement of computational techniques and statistical hypothesis testing theory.Most fields of applied econometrics employ common statistical techniques in estimation that are, to a large extent, independent of the specification of particular models. Observable differences are usually caused by variations in the computational and financial resources of researchers rather than by alternative theoretical approaches. Models are estimated in similar ways, whether they are grounded in neo-Keynesian, neo-classical or Marxian economics. This is usually not the case for disequilibrium econometric investigations of the centrally planned economy (CPE). Estimation techniques used in disequilibrium studies are often not comparable, even when the same phenomenon is being analysed. Disequilibrium models are estimated and tested under different assumptions, which relate primarily to computational technique rather than to the economic theory. In consequence, any Comparative evaluation of these models is of questionable merit if it is not preceded by a thorough assessment of the estimation techniques utilised, especially their open and hidden assumptions.The importance of rigorous comparative analyses of disequilibrium econometric models of CPEs has increased in the 1980s, because of heightened interest in problems of socialist economics. With the increase of the number of empirical studies in this field it has become evident that even models based on similar economic foundations, such as the neo-Keynesian concepts of effective 0950-0804/89/04

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Hidden and repressed inflation in Soviet-type economies: definitions, measurements and stabilization

Cited by 68 publications

References 48 publications

Monetary policy in Czechoslovakia in the 1970s and 1980s and the nature and problems of the current economic reform

Monetary policy in Czechoslovakia in the 1970s and 1980s and the nature and problems of the current economic reform

Optimum Savings Under Repressed Inflation

Computational Controversies in Disequilibrium and Shortage Modelling of Centrally Planned Economies

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