exchange rates; disaligned; Foreign Exchange Rates; Louka Katseli

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)