Macroeconomic Instability in Post-Communist Countries

This book examines the causes of very high inflation—and of the great drop in statistically measured output—in the post-Communist countries of Central and Eastern Europe and in the former Soviet Union. It focuses on several key topics: the fundamental nature of the shift from supply-constrained economies (in which there is no unemployment) to ones that are constrained by demand; the reconstruction of monetary and credit systems; and the central role of macroeconomic stabilization and generali…