Aghion, Philippe; Bacchetta, Philippe; Rancière, Romain; … - In: Journal of Monetary Economics 56 (2009) 4, pp. 494-513
The vast empirical exchange rate literature finds the effect of exchange rate volatility on real activity to be small or insignificant. In contrast, this paper offers empirical evidence that real exchange rate volatility can have a significant impact on productivity growth. However, the effect...