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Bernardo Candia and Mathieu Pedemonte
www.clevelandfed.org
Bernardo Candia and Mathieu Pedemonte Flexible exchange rates can facilitate price adjustments that buffer macroeconomic shocks. We test this hypothesis using adjustments to the gold standard during the Great Depression. Using prices at the goods level, we estimate exchange rate pass-through and find gains in competitiveness after a depreciation.
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