An Econometric Model for Prices and Wages with Respect to the Economic Reform in Czechoslovakia
The initial stage of the construction and application of price models in Czechoslovakia dates back to the years 1960 to 1965. In the course of time they were improved and represented for the central government an important instrument for the preparation and control of administrative intervention in prices. Leaving aside the purpose for which these models were used, they stimulated the creation of a comparatively solid data base, the compilation of programs for computer processing, and especially initiated a systematic study of problems connected with price and wage modeling.
KeywordsExchange Rate Real Wage Open Sector Domestic Currency Price Development
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