Basevi, Giorgio ; Giavazzi, Francesco
(1983)
Stabilization Policies in an Explosive Economy: Announcements and Expectations.
Bologna:
Dipartimento di Scienze economiche DSE,
p. 19.
DOI 10.6092/unibo/amsacta/5310.
In: Quaderni - Working Paper DSE
(2).
ISSN 2282-6483.
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Abstract
The article studies policy options in an economy which is unstable under bond-financing of a predetermined government deficit. We analyze policies based on pre-announced changes in monetary control or on confi-scation of that part of the Government debt which could only be retired through a prolonged period of high inflation. The dynamics of the economy is characterized by the interplay between policy announcements and private agents' behaviour in reply to them.
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