Price and quantity adjustment in a dual character market The case of the Greek poultry sector
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In this paper we set up, estimate and test a short-run model for the poultry sector in
Greece. The model allows for the simultaneous existence of a monopolistically competitive
and a competitive segment, and determines producer and consumer prices, and the quantity
consumed. We provide evidence on steady-state parameters such as demand and supply
elasticities, as well as on speeds of adjustment of prices and quantities. The evidence
suggests that adjustment is very rapid, although quantities appear to be adjusting more
quickly than prices. The model is used to examine the dynamics of adjustment to demand
and supply-side disturbances.