This paper applies a monetary model of a planned economy to China. A supply equation derives the change in broad money corresponding to government transactions at official prices. There is an unobserved true price index that determines consumers' demands for money. Consumer demands for real cash balances, as well as the divergence between the official and true price indices are derived. The model is estimated and it is found that changes in the money...
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ПОДРОБНАЯ ИНФОРМАЦИЯ
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1985/08/31
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Рабочий документ департамента
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CPD8532
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1
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1
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2017/11/15
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Disclosed
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Fiscal policy, monetary targets, and the price level in a centrally planned economy : an application to the case of China
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rate of inflation
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Официальная версия документа (может содержать подписи, и т.д.)