NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Fiscal Devaluations

Emmanuel Farhi, Gita Gopinath, Oleg Itskhoki

NBER Working Paper No. 17662
Issued in December 2011

---- Acknowledgements -----

We thank Andrew Abel, Philippe Aghion, Alberto Alesina, Pol Antràs, Mark Aguiar, Gianluca Benigno, Raj Chetty, Arnaud Costinot, Michael Devereux, Charles Engel, Francesco Franco, Xavier Gabaix, Etienne Gagnon, Fabio Ghironi, Elhanan Helpman, Olivier Jeanne, Urban Jermann, Mike Golosov, João Gomes, Gene Grossman, John Leahy, Elias Papaioannou, Veronica Rappoport, Ricardo Reis, Richard Rogerson, Martín Uribe, Adrien Verdelhan, MichaelWoodford and seminar/conference participants at NES-HSE, ECB, Frankfurt, Princeton, Federal Reserve Board, Columbia, NBER IFM, Wharton, NYU, Harvard, MIT, NY Fed, LSE for their comments, and Eduard Talamas for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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