Ariel Burstein (Northwestern University) Martin Eichenbaum (Northwestern University and NBER and Federal Reserve Chicago) Sergio T. Rebelo () (Northwestern University and NBER and CEPR)
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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 the 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 University of Rochester - Center for Economic Research (RCER) in its series RCER Working Papers with number
486.
Length: 52 pages Date of creation: Jan 2002 Date of revision: Handle: RePEc:roc:rocher:486
Contact details of provider: Postal: UNIVERSITY OF ROCHESTER, CENTER FOR ECONOMIC RESEARCH, DEPARTMENT OF ECONOMICS, HARKNESS 231 ROCHESTER NEW YORK 14627 U.S.A.
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