UNSPECIFIED (1996) Unemployment and inflationary finance dynamics at the early stages of transition. In: Annual Conference of the Royal-Economic-Society, UNIV KENT, CANTERBURY, ENGLAND, 1995. Published in: ECONOMIC JOURNAL, 106 (435). pp. 483-494.

Abstract

The issues of economies in transition have been a central topic in recent macroeconomic modelling. The attention of researchers has concentrated particularly on the speed of transition, and the sequence of restructuring and privatising the state sector. What seems to have been neglected so far are the monetary and financial issues, and the interaction of inflationary finance and real variables at the early stages of transition. This paper is an attempt to address these issues. The theoretical set-up recently proposed by Aghion and Blanchard (I993) is modified to capture the lack of an efficient tax system, the absence of financial intermediaries, and the exploitation of seigniorage.

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