Currency Crises and Macroeconomic Performance

RESEARCH - In the Reserve Bank of Australia Research Paper, 'Currency Crises and Macroeconomic Performance' the authors present some theory and evidence on the implications of sudden currency depreciations for output and inflation. The paper identifies some of the characteristics shared by countries which have suffered falling output in the aftermath of a currency crisis, and it presents a small model which rationalises aspects of this common experience. A key result is that a currency crisis

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