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Devaluation: Levels versus rates |
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| Authors: | Guillermo A Calvo |
| Institution: | C.E.M.A., 1426 Buenos Aires, Argentina;Columbia University, New York, NY 10027, USA |
| Abstract: | In a context of infinitely-lived families à la Sidrauski, where consumers are lump-sum compensated for the inflation tax, and there is no capital mobility, it is shown that a devaluation improves while an increase in the rate of devaluation deteriorates the balance of payments. |
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