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The causes of recession following stabilization

Gomulka, Stanislaw and Johnson, Paul (1991) The causes of recession following stabilization. CEP discussion paper, 33. Centre for Economic Performance, London School of Economics and Political Science, London, UK.

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Abstract

This paper attempts the following two questions, both with reference to the response of the Polish economy to the stabilization and liberalization plan of January 1, 1990: why was the fall in output much larger and the inflation rate much higher than anticipated? Was the contraction of aggregate demand excessive? The paper argues that there is evidence for an excessively contractionary macroeconomic policy in the first quarter of 1990, but the policies in the second half of 1990 were, if anything, too expansionary. New interpretation is offered on the impact of devaluation on activity and on the reasons for understanding the inflation rate.

Item Type: Monograph (Discussion Paper)
Official URL: http://cep.lse.ac.uk
Additional Information: © 1991 The Authors
Library of Congress subject classification: H Social Sciences > HD Industries. Land use. Labor
Sets: Departments > Economic History
Collections > Economists Online
Research centres and groups > Centre for Economic Performance (CEP)
Departments > Economics
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Identification Number: 33
Date Deposited: 21 Aug 2008 14:58
URL: http://eprints.lse.ac.uk/21107/

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