This paper presents empirical results testing the nature of output in output-plans relations for net material product and consumption for seven European CMEA countries, 1960-1985. The dispute between the genetic and teleological schools of central planning is discussed. In general, a plan is...

This paper proposes a new indicator of the expected real effects of an inflation-targeting monetary policy. This indicator can be derived from a simple two-dimensional vector autoregressive model of inflation and the output gap. A simulation experiment illustrates its rationale for timing...