Econometrics and the Design of Economic Reform
提出经济改革是从一个低效但稳定的纳什均衡转向更优均衡的过程，并以以色列的异端稳定化计划为例，用双均衡通胀模型解释其成功，附有计量估计。
The concept of economic reform is described as a planned shift from one Pareto inefficient, but quasi-stable, Nash equilibrium (or "trap") to a new Pareto superior equilibrium, which will also be stable. The concept is applied to recent "shock" stabilization programs, with special reference to Israel, where the economy was credibly shifted from a three-digit inflationary process, with considerable inertia, to relative price stability with higher real growth, at only moderate adjustment costs, by means of a "heterodox" plan. The idea is rationalized with a simple dual equilibrium inflation model, for which some econometric estimates are also given. Copyright 1989 by The Econometric Society.