In the context of monopolistic price adjustment and price setting behavior on the part of firms, it is shown that a large discrete adjustment of the nominal exchange rate as opposed to a crawling peg is likely to result in faster adjustment of domestic prices. This is the case because an...

This study analyses the likely pattern of structural adjustment of the Greek economy as economic integration proceeds, in light of the structural rigidities present in the commodity, capital and labour markets. The presence of such rigidities is attributed to `state corporatism', identified as...