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Deciphering the Macroeconomic Effects of Internal Devaluations in a Monetary Union

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Deciphering the Macroeconomic Effects of Internal Devaluations in a Monetary Union

dc.contributor.author	Andrés, Javier
dc.contributor.author	Arce, Óscar
dc.contributor.author	Fernández Villaverde, Jesús
dc.contributor.author	Hurtado, Samuel
dc.date.accessioned	2023-06-28T13:44:55Z
dc.date.available	2023-06-28T13:44:55Z
dc.date.issued	2022
dc.identifier.citation	Andrés, Javier Arce, Óscar Fernández Villaverde, Jesús Hurtado, Samuel 2022 Deciphering the Macroeconomic Effects of Internal Devaluations in a Monetary Union International Journal Of Central Banking Diciembre 76 343 389
dc.identifier.uri	https://hdl.handle.net/10550/88576
dc.description.abstract	We study the macroeconomic effects of internal devaluations undertaken by a periphery of countries belonging to a monetary union. We find that internal devaluations have large and positive output effects in the long run. Through an expectations channel, most of these effects carry over to the short run. Internal devaluations focused on goods markets reforms are generally more powerful in stimulating growth than reforms aimed at moderating wages, but the latter are less deflationary. For a monetary union with a periphery the size of the euro area's, the countries at the periphery benefit from internal devaluations even at the zero lower bound (ZLB) of the nominal interest rate. Nonetheless, when the ZLB binds, a sequencing of reforms that prioritizes labor policies over goods markets reforms might increase the present discounted value of output.
dc.language.iso	eng
dc.relation.ispartof	International Journal Of Central Banking, 2022, vol. Diciembre, num. 76, p. 343-389
dc.subject	Economia
dc.subject	Valor (Economia)
dc.subject	Economia Mètodes estadístics
dc.title	Deciphering the Macroeconomic Effects of Internal Devaluations in a Monetary Union
dc.type	journal article
dc.date.updated	2023-06-28T13:44:56Z
dc.identifier.idgrec	160720
dc.rights.accessRights	open access