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Why Are Rates of Inflation So Low After Large Devaluations?

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Author Info
Ariel Burstein
Martin Eichenbaum
Sergio Rebelo

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Abstract

This paper studies the behavior of inflation after nine large post-1990 contractionary devaluations. A salient feature of the data is that inflation is low relative to the rate of devaluation. We argue that distribution costs and substitution away from imports to lower quality local goods can account quantitatively for the post-devaluation behavior of prices.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 8748.

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Date of creation: Jan 2002
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Handle: RePEc:nbr:nberwo:8748

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F31 - International Economics - - International Finance - - - Foreign Exchange

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