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Inflation, output and perfectly enforceable price controls in orthodox and heterodox stabilization programmes

机译：正统和异端稳定计划中的通货膨胀，产出和完全可执行的价格控制

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摘要

The paper deals with the success of price controls in stabilizing high inflation rates and their effects on the real economy under an imperfect competition setting derived by optimal maximization. Our model builds on Helpmanu2019s work of price controls and imperfect competition, and incorporates inflation inertia through adaptive expectations. The model predicts that under these circumstances price controls can be an effective method of curving inflation when they accompany an orthodox monetary restriction programme; incomes policies alone cannot curve inflation substantially. Efforts where monetary growth is decreased gradually and price controls are implemented to achieve zero inflation result in the boom-recession cycle observed in many real life programmes. When monetary growth is curved immediately and price controls are implemented to achieve zero inflation, there follows a recession and not a boom. Orthodox money-based stabilization programmes implemented on their own need more time to control inflation and always produce a recession.
机译：本文讨论了价格控制在稳定高通货膨胀率方面的成功及其在最优最大化派生的不完全竞争环境下对实体经济的影响。我们的模型建立在Helpman的价格控制工作和不完全竞争的基础上，并通过适应性预期纳入了通胀惯性。该模型预测，在这种情况下，价格控制与正统的货币限制计划一起可以成为解决通货膨胀的有效方法。单靠收入政策无法大幅度提高通货膨胀率。在许多现实生活计划中观察到的努力是，逐渐减少货币增长并实施价格控制以实现零通胀，从而导致繁荣-衰退周期。当货币增长立即弯曲并且实施价格控制以实现零通胀时，随之而来的是衰退而非繁荣。自行实施的基于货币的东正教稳定计划需要更多时间来控制通货膨胀并始终导致衰退。

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