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wessons from the Heterodox
Problems with the Orthodox Approach
Experience with the Heterodox Approach
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advantages and disadvantages April 1991 April aq pxnoo Argentina asnaoaq Austral plan bbbb bbbbbb Bolivia Brazil bringing down inflation Bruno budget deficit chronic high inflation chronic inflation countries controls are removed Costa Rica costs of bringing credibility Cruzado plan devaluation difficulties discussed disinflation eighties exchange rate based expansionary External Affairs fiscal accounts fiscal adjustment fiscal side fixed exchange rate heterodox approach heterodox programs Heterodox stabilization programs high inflation countries high inflation economies hyperinflation income policies inflation process Inflationary Rigidities initial costs Israel Israeli program Kiguel and Liviatan low inflation economies low inflation equilibrium Macroeconomic Mexico money based not-persistent programs Olivera-Tanzi effect orthodox approach orthodox stabilization programs overvaluation paan papnxoux persistent and not-persistent populist programs price and wage price stability puooas real interest rates recession reduction in inflation relative prices stopping inflation successful Uruguay wage controls World Bank xopoaa^aq