In this paper I investigate the relationships between wage adjustment, competitiveness, and aggregate fluctuations in … is on the supply side. Competitiveness is defined as the relative price of traded to nontraded goods. The model can … account quite well for fluctuations in UK competitiveness, output, wages and the terms of trade, and is used to examine the …

of the data is that inflation is low relative to the rate of devaluation. We argue that distribution costs and … substitution away from imports to lower quality local goods can account quantitatively for the post-devaluation behaviour of prices. …

devaluation are estimated as the difference between interest rate differentials and estimated expected rates of depreciation …

The ineffectiveness of real devaluation as a stabilization policy does not imply that the nominal exchange rate should …

points under a peg. The required devaluation under the optimal exchange-rate policy is more than 50 percent. The median …

policies that have been followed, with special emphasis on their devaluation record during 1976-82 and the credibility of …

representative LDC a large share almost 80% of the benefits of devaluation on export revenues vanish when other LDC competitors …

gold standard during the 1930s. We do this by separating expectations of taxation and of devaluation that are implicitly …