Debt Deleveraging and The Exchange Rate
---- Acknowledgements ----
The authors thank Nicola Borri for helpful discussions and comments, seminar participants at Central Bank of Chile, European Central Bank, Sveriges Riksbank, LUISS, Universita di Salerno, participants at the Swiss National Bank conference on "Exchange Rate and External Adjustment", and Roger Meservey for professional editing. Pierpaolo Benigno acknowledges financial support form an ERC Starting Independent Grant. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.