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| Author: | Bennett, J. Boycko, M. |
| Title: | Savings and stabilization policy in a pre-post-socialist economy |
| Journal: | Journal of Money, Credit and Banking
1995 : AUG, VOL. 27:3, p. 907-919 |
| Index terms: | SAVINGS STABILIZATION SOCIALIST ECONOMICS |
| Language: | eng |
| Abstract: | In the late 1990s nominal incomes in the USSR rose rapidly while the nominal prices of consumer goods were essentially fixed. Unprecedented shortages emerged and savings soared: the ratio of household savings to disposable income increased from 7 percent in 1986 to 12 percent in 1989-90. In this paper the authors set up a simple macroeconomic model in which price liberalization is justified, regardless of the monetary overhang: there is a positive effect on the welfare of the representative household. |
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