Deciphering the Macroeconomic Effects of Internal Devaluations in a Monetary Union
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We study the macroeconomic effects of internal devaluations undertaken by a periphery of countries belonging to a monetary union. We find that internal devaluations have large and positive output effects in the long run. Through an expectations channel, most of these effects carry over to the short
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美国国家经济研究局创建时间：
2020-06-01
