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incomes policies

– that is, wage and/or price guidelines or controls –

should be used, in addition to fiscal and monetary measures, to help

the economy reach a new lower rate of inflation. Incomes policies,

they argue, help coordinate expectations around a new lower rate of

inflation. If firms know wages will not increase, they will not increase

their prices. If workers know prices will not increase, they will not ask

for wage increases, and inflation will be eliminated more easily.

Others argue that a credible deficit reduction and central bank

independence are all that is required. They argue that the appropriate

policy changes, if credible, can lead to dramatic changes in

expectations and therefore lead to the elimination of expected and

actual inflation nearly overnight. They point to the potential dangers of

wage and price controls. The government might end up relying on the

controls, and not take the painful but needed fiscal and policy

measures to end the hyperinflation. Also, if the structure of relative

prices is distorted to begin with, price controls run the risk of

maintaining these distortions.

Stabilization programs that do not include incomes policies are called

orthodox

; those that do are called

heterodox

(because they rely on both

monetary-fiscal changes and incomes policies).

From ―Macroeconomics‖ (2009),

by Oliver Blanchard.

2. Match the terms used in economics with their definitions and find their

Russian equivalents.

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