Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/52881
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dc.contributor.authorReyna-Cerecero, Marioen_US
dc.contributor.authorMavrotas, Georgeen_US
dc.date.accessioned2011-12-14T09:42:44Z-
dc.date.available2011-12-14T09:42:44Z-
dc.date.issued2003en_US
dc.identifier.isbn9291904716en_US
dc.identifier.urihttp://hdl.handle.net/10419/52881-
dc.description.abstractThe paper deals with the success of price controls in stabilizing high inflation rates and their effects on the real economy under an imperfect competition setting derived by optimal maximization. Our model builds on Helpman’s work of price controls and imperfect competition, and incorporates inflation inertia through adaptive expectations. The model predicts that under these circumstances price controls can be an effective method of curving inflation when they accompany an orthodox monetary restriction programme; incomes policies alone cannot curve inflation substantially. Efforts where monetary growth is decreased gradually and price controls are implemented to achieve zero inflation result in the boom-recession cycle observed in many real life programmes. When monetary growth is curved immediately and price controls are implemented to achieve zero inflation, there follows a recession and not a boom. Orthodox money-based stabilization programmes implemented on their own need more time to control inflation and always produce a recession.en_US
dc.language.isoengen_US
dc.publisher|aUNU-WIDER |cHelsinkien_US
dc.relation.ispartofseries|aWIDER Discussion Papers // World Institute for Development Economics (UNU-WIDER) |x2003/44en_US
dc.subject.jelE64en_US
dc.subject.jelE31en_US
dc.subject.ddc330en_US
dc.subject.keywordstabilization programmesen_US
dc.subject.keywordinflationen_US
dc.subject.keywordprice controlsen_US
dc.subject.stwInflationsbekämpfungen_US
dc.subject.stwStaatliche Preispolitiken_US
dc.titleInflation, output and perfectly enforceable price controls in orthodox and heterodox stabilization programmesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn369088018en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US

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