Central Planning and Monetarism: Fellow Travelers?

Abstract

We discuss the monetary institutions and macroeconomics of centrally planned economies (CPEs); objectives and techniques of monetary control; the relevance to CPEs of the neutrality property, the natural rate hypothesis, and the quantity theory; the roles of stock .andflow variables and the stability of asset demand and expenditure functions; the relation between monetary policy, fiscal policy and incomes policy in CPEs; the CPE equi- valent of a floating exchange rate and its implications for monetary policy;and "super crowding out."Many considerations suggest that monetarism as theory and policy might be more applicable under central planning than it is in market economies.

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