Burstein, Ariel; Eichenbaum, Martin; Rebelo, Sergio - Közgazdaság-tudományi Intézet, Közgazdaság- és … - 2003
This paper studies the behavior of inflationnafter nine large post-1990 contractionary devaluations. A salient feature 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...
