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Economica

Article . 1988 . Peer-reviewed

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On Illyrian Macroeconomics

descriptionPublicationkeyboard_double_arrow_right Article 01 May 1988Publisher:JSTORJournal:Economica, volume 55, page 249 (issn: 0013-0427,

Authors: Bradley, Michael D; Smith, Stephen C;

doi: 10.2307/2554471

On Illyrian Macroeconomics

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Abstract

The Ward-Vanek labor-managed economy macro models are found to contain errors in capital pricing treatment which, when correct ed, removes "perverse" responses and leads to monetary neutrality. Vanek's (1977) open model is shown not to be a labor-managed econ-omy model, but rather one of any economy with fixed output. A rational e xpectations macro model is developed in which labor-managed firms mus t decompose price movement into its nominal and real parts. This unce rtainty about the information content of observed prices leads to out put effects similar in spirit to the Ward-Vanek models. Implications for monetary policy are explored. Copyright 1988 by The London School of Economics and Political Science.

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