Philadelphia paper models export dynamics after large devaluations
A Federal Reserve Bank of Philadelphia working paper, published yesterday, creates a model of export dynamics and uses it to analyse the "sluggish" response of exports to large devaluations in emerging market currencies.
The paper, Export Dynamics in Large Devaluations by George Alessandria, Sangeeta Pratap and Vivian Yue, produces five main findings.
The sluggishness, the authors say, results in "more gradual net export reversals, sharper contractions and recoveries in output, and endogenous
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