The Russian authorities have been battling strong depreciation pressures, with the rouble having lost around 30% of its value since early 2023 (and inflationary pressures having risen strongly). The main reason for this is the declining supply of foreign exchange from foreign trade transactions,...

The article develops a stylized medium-run post-Kaleckian open economy model with conflict inflation and combines two existing specifications of the income share targets of workers and firms. In the model, only the target of firms is directly affected by the real exchange rate. Workers do not...

While it is often argued that exchange rate depreciation has a beggar-thy-neighbour effect, in this paper, we investigate, whether exchange rate depreciation has a beggarthyself effect. Specifically, we explore the distributional consequences of Exchange rate movements. Using a heterogeneous...