English, Article, Journal or magazine article edition: Large Devaluations and the Real Exchange Rate Ariel Burstein; Martin Eichenbaum; Sergio Rebelo

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Bookmark: http://trove.nla.gov.au/version/57127
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Large Devaluations and the Real Exchange Rate
Author
  • Ariel Burstein
  • Martin Eichenbaum
  • Sergio Rebelo
Physical Description
  • preprint
Notes
  • Claims problems, Replication, Random arrival rule, Proportional rule, Minimal overlap rule, Constrained equal losses rule.
  • RePEc:roc:rocher:513
  • This paper argues that the primary force behind the large fall in real exchange rates that occurs after large devaluations is the slow adjustment in the price of nontradable goods and services. Our empirical analysis is based on data from four large devaluation episodes: Mexico (1994), Korea (1997), Brazil (1999), and Argentina (2001). We conduct a more detailed analysis of the Argentina case using disaggregated CPI data, data from our own survey of prices in Buenos Aires, and scanner data from supermarkets. We then construct an open economy general equilibrium model that can account for the slow adjustment in nontradable good prices after a large devaluation
  • Exchange rates, inflation
  • RePEc:red:sed004:137
  • 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), Korea (1997), Mexico (1994), and Thailand (1997). We conduct a detailed analysis of the Argentina case using disaggregated CPI data, data from our own survey of prices in Buenos Aires, and scanner data from supermarkets. We assess the robustness of our findings by studying large real-exchange-rate appreciations, medium devaluations, and small exchange-rate movements.
  • RePEc:nbr:nberwo:10986
Language
  • English
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