The supply of consumption goods in centrally planned economies |
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Authors: | Richard Portes David Winter |
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Institution: | Department of Economics, Birkbeck College, University of London, London W1P 1PA, England |
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Abstract: | Estimates are given, based on annual time series from the mid-1950s to 1975, of planner's supply functions for consumption goods in Czechoslovakia, the GDR, Hungary, and Poland. The supply function is specified in the form of a behavioral rule describing the planners' short-run adjustment of consumption away from its long-run trend. The fits are good, and the estimates support the a priori specification and the maintained hypothesis of stable resource-allocation behavior. These supply functions, together with household demand functions estimated in a separate paper, will provide a starting point for disequilibrium estimation of the consumption-goods market for these economies. |
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