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The median developing country has had significantly higher inflation than the median advanced country since the early 1980s. A model is presented in which a developing country may reduce inflationary expectations by pegging its exchange rate to the currency of an advanced country (or a basket of...
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The effects of the liberalization of international trade are analyzed in a New Economic Geography model of a country with an asymmetric distribution of housing between regions. Labour is mobile between regions but not between countries. Trade liberalization tends to reduce inequalities in the...
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Augmented Dickey-Fuller regressions on pooled (but not individual) real exchange rates for the post-1973 period consistently reject the unit root null, even after accounting for cross-sectional dependence. The inference that the series is stationary, however, is not necessarily correct, because...
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