Ξένες Εκδόσεις

1. «Transition to Flexible Exchange Rates», World Politics. Vol. XXXTII, 2, January, 1981.

2. «The Prospects for International Economic Policy Coordination», Panel discussion, in W.H. Buiter and P.C. Marston (eds.), International Economic Policy Coordination. Cambridge University Press, 1985, pp 376 - 379.

3. «How to Evaluate the Solvency of an Indebted Nation», Discussant's Comments on D. Cohen's Paper, Economic Policy, Vol 1, November 1985.

1. «Nominal Tax Rates and the Effectiveness of Fiscal Policy», in Nominal Tax Journal, March 1979.

2. «The Reemergence of Purchasing Power Parity in the 1970s», Special Paper in International Finance #13. International Finance Section, Princeton University, December 1979.

3. «Income Instability, Terms of Trade and the Choice of Exchange-Rate Regime» (with William H. Branson), Journal of Development Economics. 7, March, 1980, 49 -69.

The realignment of exchange rates which have been disaligned for a long time can never be a precision job; it is usually a hit-or-miss business based on impressionistic guesses and hunches. . . . Economists who know that delays in adjustment are wasteful and that large adjustments cause unnecessary disruption have for years recommended that exchange rates be realigned without delay and by smaller changes . . . (F. Machlup 1970:69)

This paper introduces an imported input into a model of art open
economy with developed financial markets, a flexible exchange rate, and some degree of market power on the export side.
The model is designed to investigate the impact of an increase
in imported input prices on the exchange rate, domestic interest

The central hypothesis of this paper is that both the extent and speed of adjustment of the real exchange rate is affected by the way the central bank manages the nominal exchange rate. Specifically, a large discrete adjustment of the nominal exchange rate is more likely to result in fast adjustment of prices as opposed to a policy of smooth and continuous crawling peg.

The origin of this paper can be traced back to early February 1983, following my visit to a small shoe repair shop in a suburb of Athens. The owner of the shop had angrily protested the decision of the firm that supplied him shoe polish to issue a new price list, which effectively raised the prices of almost all of its main products by 20 to 34 percent. His anger was focused not so much on the extent of the price change but on the fact that, contrary to his expectations, the new price list was issued so soon after the last list in October.

I. Βιβλία:

• Transmission of External Price Disturbances in Small Open Economies, Διδακτορική Διατριβή δημοσιευμένη Garland Press στη σειρά του εκδοτικού οίκου «Καλύτερες Διατριβές στην Οικονομική Επιστήμη», 1979.

• Foreign Investment and Trade Linkages in Developing Countries, United Nations, ST/CTC/154, Sales No. E.93. II. A. 12, April 1993.