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Peer reviewedBurstein, Ariel; Eichenbaum, Martin; Rebelo, Sergio – Journal of Political Economy, 2005
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 prices of nontradable goods and services. Our empirical analysis uses data from five large devaluation episodes: Argentina (2002), Brazil (1999), Korea (1997), Mexico (1994), and Thailand…
Descriptors: Foreign Countries, Cost Indexes, Economic Change, Economic Impact
