Kappler, Marcus; Reisen, Helmut; Schularick, Moritz; … - In: Open Economies Review 24 (2013) 3, pp. 471-494
In this paper we study the macroeconomic aftermath of large exchange rate appreciations. Using a sample of 128 countries over the period 1960–2008, we identify 25 episodes of large nominal and real appreciations shocks. We use narrative identification of exogenous appreciation episodes and...