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- W2055044236 abstract "We build a general equilibrium macroeconomic model of a transitional economy to reflect five stylized facts. Among these are that central planning has left a legacy of highly concentrated industry and a residue of price controls and rationing. An `almost Classical' dichotomy obtains in the model: monetary expansion leaves output and unemployment unchanged (despite the existence of unemployment), though leisure time declines. The economy displays a high degree of complementarity between the state-controlled sector and the private sector, however, giving rise to multiplier effects. We analyse the effects of price liberalization and privatization in this framework." @default.
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- W2055044236 date "1995-10-01" @default.
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- W2055044236 title "Macroeconomic equilibrium and reform in a transitional economy" @default.
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- W2055044236 doi "https://doi.org/10.1016/0014-2921(94)00032-u" @default.
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