Large Devaluations and the Real Exchange Rate
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In this paper we argue that the primary force behind the large drop in real exchange rates that occurs after large devaluations is the slow adjustment in the price of nontradable goods and services. Our empirical analysis uses data from five large devaluation episodes: Argentina (2001), Brazil (1999
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美国国家经济研究局创建时间：
2004-12-01
