aim of uncovering a single structural parameter, but theory suggests it could differ depending on the shock that drives … exports relative to the response of the exchange rate, conditional on each shock. Our findings suggest that this relationship … differs greatly from one shock to another, where domestic shocks generate a much weaker relationship than global shocks. We …

inadequate policy tools and theory from the interwar period, set the stage for the Great Inflation of the 1970s. The lessons from …